Terra Hires Ex-Uber Exec To Expand In Singapore
Terra, South Korea-headquartered blockchain payment network, has set up its South-east Asia hub in Singapore, with plans to grow in the region.
Rahul Abrol, Uber’s former Asia-Pacific head of strategy, has also collaborated with Terra at the new Singapore office as head of international business and strategy.
He will help the regional team and expansion efforts, the Singapore-incorporated startup stated on Thursday.
At Uber, Mr. Abrol headed strategy for Asia-Pacific and also led operations for Japan, Hong Kong, Taiwan, and Korea. Before that, he was with UBS Investment Bank, covering mergers and acquisitions and fundraising.
CHAI, a mobile payment app powered by Terra, has launched in South Korea this June.
The company aims to grow its on-the-ground network in Asia through strategic partnerships with local businesses. This will build on its current partnerships with 25 partners across Asia, which consist of Singapore-based e-commerce platforms, Qoo10, and Carousell.
In early 2020, Terra will also launch its stablecoin-powered mobile payment app in Singapore. A stablecoin is a sort of cryptocurrency that is price-stable and fastened to real-world assets like the Singapore dollar or South Korean won.
Singapore will operate as Terra’s base to expand to other Asian markets. The startup, which has launched in Mongolia, intends to set up operations in at least five other markets next year, including Thailand and Taiwan, stated Mr. Rahul.
“Beyond attracting local talent, we also plan to acquire the applicable license from the Monetary Authority of Singapore under the Payment Services Act,” he added. The Act is a framework for the regulation of service providers and payment systems in Singapore.
The launch of Terra’s Singapore office comes about seven months after the startup secured a strategic investment from LuneX Ventures, the blockchain and crypto-focused arm of Singapore’s Golden Gate Ventures.
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