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Blockchain payment network Terra opens SEA hub in Singapore

Korean blockchian payment network Terra has announced its expansion into Singapore today.

The new hub, which will be the springboard for its Southeast Asian operations, will be led by Head of International Business and Strategy Rahul Abrol, who was formerly Head of Strategy at APAC.

Commenting on the choice of location for the new hub, he said: "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 key local talent, we also plan to acquire the applicable license from the Monetary Authority of Singapore under the Payments Service Act.

"We have already launched in Mongolia and aim to have operations launched in five or more countries within the calendar year for 2020."

Through this hub, Terra will also grow its on-the-ground network through strategic partnerships with local businesses, and will also formally launch its stablecoin-powered mobile payments app in Singapore in early 2020.

Apart from this, the hub will be a base for the firm's expansion into Southeast Asia, including Thailand and Taiwan, by 2020. In each country, the team will aim to strengthen the number of local hires to encourage successful localisation.

Speaking exclusively to Human Resources Online, on Terra's immediate hiring plans: Abrol said: "As the Singapore team’s first hire, I’ll be leading the growth of the office in the year ahead. In Singapore, Terra is looking to immediately hire a business development lead who can grow our local eCommerce partnerships, as well as local product managers to best localise our payment service."

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