Ripple To Expand Financial Services In Singapore After Securing Major Payment Institution License
Ripple has secured approval from the Monetary Authority of Singapore to expand its payment activities under the Major Payment Institution license. The license allows the company to expand its footprint across Asia.
The new permissions allow Ripple to offer token-based settlements and related services to banks, fintechs, and cryptocurrency firms based in Singapore.
Ripple Expands Financial Services In Singapore
Ripple has received approval from the Monetary Authority of Singapore (MAS) to expand the scope of its payment activities. The company secured the Major Payment Institution license from the MAS, allowing it to broaden the scope of its regulated cross-border payments business in a key global hub. The new permissions apply to the firm’s Singapore entity, Ripple Markets APAC Pte. Ltd., and provide the company more flexibility to offer token-based settlements (XRP, stablecoin RLUSD) and related payment services to banks, fintechs, and cryptocurrency firms operating in the city-state.
“Huge news from Singapore. The MAS has approved an expanded scope of payment activities for our Major Payment Institution license – enabling us to deliver end-to-end, fully licensed payment services to our customers in the region.”
More Services
The expanded license allows Ripple’s Singapore subsidiary to offer end-to-end payment solutions, including off-ramps and token-based transactions. It can also offer services enabling collection, custody, currency conversion, and payouts using its digital payment tokens, including XRP and RLUSD, without requiring the customer to take on direct exposure or build bespoke infrastructure.
Ripple’s Payments product combines digital asset management with a global payout network, allowing clients to route funds, swap into tokens, and settle transactions through a single integration.
The Importance Of Singapore To Ripple
Singapore has established itself as a key player in digital asset regulation in Asia. The MAS’s insistence on greater transparency and risk control has helped attract companies looking for long-term stability. Ripple has repeatedly highlighted Singapore’s clear regulatory framework, which gives digital asset providers a robust, reliable platform to launch and grow their services. The company has described Singapore’s regulatory framework as forward-thinking and emphasized its plan to expand its presence in the country.
The Asia-Pacific region is Ripple’s fastest-growing region, with the company reporting a 70% increase in on-chain activity year-over-year. Ripple established its Asia-Pacific headquarters in Singapore, with the city-state becoming key to its growth thanks to the regulatory groundwork by the monetary authority. The MAS was one of the first regulatory bodies to introduce a clear licensing framework for digital assets, attracting a host of traditional and crypto companies to the city.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.