Ripple Markets APAC Pte Ltd announced on Wednesday that its Singapore subsidiary has successfully obtained a payment license from the Monetary Authority of Singapore (MAS) to operate in the city-state without transaction limits.
This license represents an important milestone for Ripple, allowing it to offer regulated digital payment token services in the city-state.
MAS approved Ripple’s license for DPT services
Ripple’s journey toward obtaining this license began earlier this year when it received initial approval for its Master Payments Institution (MPI) license application from MAS. Four months later, the company received full approval, obtaining a Master Payment Institution license for premium digital payment services in Singapore.
Incredibly proud of the team @ripple – Only 4 (!) months after we obtained our initial approval from @MAS_sgWe have now obtained a full Master Payment Institution license for digital payment token services in Singapore. https://t.co/AH1sDUG4UE
– Brad Garlinghouse (@bgarlinghouse) October 4, 2023
On October 4th statementBrad Garlinghouse, CEO of Ripple, expressed his enthusiasm for the regulatory clarity and support the company has found in Singapore, saying:
“Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has played a pivotal role in Ripple’s global business. We have recruited exceptional talent and local leadership, doubled headcount over the past year, and plan to continue strengthening our presence in a progressive jurisdiction such as Singapore.
The Singapore clearance represents a win for Ripple and enables it to offer services related to digital payment tokens. It is now one of 15 entities, including local branches of cryptocurrency exchanges such as Coinbase, Independent Reserve and Blockchain.com.
Ripple strategy in the Asia Pacific market
With its headquarters in San Francisco, Ripple reports that most of its operations — more than 90% — are based outside the United States. Of all the regions, Asia Pacific, specifically Singapore, represents one of the fastest expanding regions for the company.
Singapore has established itself as a global leader in regulating digital assets, fostering innovation while prioritizing consumer protection and responsible growth. With a favorable environment for fintech and digital assets, it has become an attractive hub for companies and financial institutions adopting cryptocurrency and blockchain technology.
Its commitment to technology-led economic growth is clear, with Singapore ranked fourth in IMD’s 2022 Global Digital Competitiveness Ranking. Digital payments in the Asia Pacific region are expected to continue to grow. Non-cash transactions are expected to increase by 109% by 2025.
In its statement, Ripple stated its plans to benefit from this trend, focusing on the region to adopt its global payment solutions.
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