Ripple Secures Expanded Singapore License, Enabling Broader Regulated Payment Services

Ripple has received approval from the Monetary Authority of Singapore to widen the activities covered by its Major Payment Institution license, allowing it to scale its regulated cross-border payments business from Singapore.

The approval applies to Ripple Markets APAC Pte. Ltd. and lets the company use token-based settlement, including XRP, its stablecoin RLUSD and other digital payment tokens, in services offered to banks, fintechs and crypto firms in the country. Ripple is among a small group of blockchain-focused companies holding an MPI license.

Read more: Australia Targets $24B Boost With Tough New Crypto Crackdown

Expanded Scope For Ripple

Ripple can provide a broader set of regulated payout, settlement and on/off-ramp services using its tokens while letting institutional clients tap those rails without holding the assets directly or building their own infrastructure. 

Its Payments product links digital asset settlement to a global payout network so customers can route funds, convert into tokens and settle through a single integration.

Asia-Pacific is Ripple’s fastest-growing region, with on-chain activity up about 70% year over year, and Singapore has been its APAC base since 2017. Ripple said the new permissions will support further investment in Singapore and help it serve more regional financial institutions looking for regulated token-based settlement options.

MAS has set a leading standard for regulatory clarity in digital assets, and we deeply value Singapore’s forward-thinking approach. Ripple has always taken a regulation-first approach and Singapore is proof that innovation thrives when rules are clear. This expanded license strengthens our ability to continue investing in Singapore and to build the infrastructure financial institutions need to move money efficiently, quickly, and safely.

Monica Long, Ripple President.

Related: China’s Central Bank Reasserts Crypto Ban, Warns Stablecoins Pose Major Financial Risks

In similar news, Ripple recently saw its stablecoin RLUSD receive recognition from the Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA), as Crypto News Australia reported.

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