Ripple Receives Approval to Expand Payment Services in Singapore

Ripple has received approval from Singapore's Monetary Authority to expand the scope of payment activities under the Major Payment Institution (MPI) license held by its local subsidiary, Ripple Markets APAC, the company announced today in a statement.

The expanded license allows Ripple to broaden its regulated payment offerings in Singapore, including services involving digital payment tokens such as its newly launched RLUSD stablecoin and XRP. The company's Singapore entity is among the few blockchain-enabled institutions globally holding an MPI license.

"MAS has set a leading standard for regulatory clarity in digital assets, and we deeply value Singapore's forward-thinking approach," said Monica Long, Ripple's president. "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."

Ripple's payment platform combines digital payment tokens with a global payout network to facilitate cross-border transactions for banks, crypto companies, and fintechs. The service handles blockchain infrastructure and operational complexity, allowing businesses to launch digital payment services without building their own systems.

The expanded scope enables Ripple to offer end-to-end payment solutions including collection, holding, token swapping, and payout services through a single integration point. Customers can access digital payment tokens without maintaining specialized infrastructure or additional banking relationships, the company said.

"The Asia Pacific region leads the world in real digital asset usage, with on-chain activity up roughly 70% year-over-year. Singapore sits at the center of that growth," said Fiona Murray, Ripple's vice president and managing director for Asia Pacific. "With this expanded scope of payment activities, we can better support the institutions driving that growth."

Ripple established its Asia Pacific headquarters in Singapore in 2017. The MAS has positioned itself as a regulatory leader in digital assets, implementing frameworks including the Payment Services Act that governs stablecoin issuance and crypto service providers.