The blockchain payment network firm Terra has announced that it has received a strategic investment from a crypto-based investment arm named LuneX Ventures, which will enable Terra to expand its operations in Southeast Asia, with Singapore selected to becomes its regional hub. With this new expansion in the South East Asian region, Terra plans to bolster its strategic collaborations with local businesses and 25 other partners across the regions that include e-commerce platforms Carousell and Qoo10 and also EBATES, owned by Rakuten in the South East Asian regions.
Terra has already initiated its operations in Mongolia and is now planning to further expansion in at least five more countries by 2020, of which the expansion in South East Asia is a part of the plan. After the regional expansion, Terra also has plans to launch its stablecoin based mobile payment application in Singapore in the first quarter of 2020.
In connection to this, Rahul Abrol, who was the former strategic head at Uber Asia Pacific, and has recently joined Terra at the new Singapore regional office as international business and strategy head, said, after joining Terra,
My focus in 2020 will be to replicate our success in Korea internationally and Singapore is the perfect springboard to help us realise this. Beyond attracting local talent, we also plan to acquire the applicable licence from the Monetary Authority of Singapore under the Payment Services Act.