Ripple Grants Important License To Expand In Singapore

Key Points:

• Ripple has received in-principle permission from the Monetary Authority of Singapore for its application for a Major Payments Institution License.
• The license will allow Ripple’s Singapore office to provide regulated digital payment token goods and services, as well as expand its clients’ usage of its crypto-enabled On-Demand Liquidity (ODL) platform.
• This development puts Ripple on track to expand customer usage of crypto-enabled payments in Singapore and across the APAC region, while Singapore is also considering imposing formal regulations on the crypto industry.

Ripple has received in-principle permission from the Monetary Authority of Singapore for its application for a Major Payments Institution License, which would enable a local subsidiary to provide regulated digital payment token goods and services in the city-state.

The license will allow the company’s Singapore office to provide regulated digital payment token goods and services, as well as further expand its clients’ usage of its crypto-enabled On-Demand Liquidity (ODL) platform, which has grown 5x year on year in the nation. The technology enables financial institutions to instantaneously transmit money across borders using XRP as a bridge currency. Brad Garlinghouse, Chief Executive Officer of Ripple, stated:

“Singapore is a leading global financial center, and a prominent gateway to business in Asia Pacific. We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally.”

Ripple’s payments system saw enormous expansion in 2022, with clients spanning Asia, allowing companies and financial institutions to simplify cross-border payments. Internally, Ripple’s operations in Singapore were enhanced as the number of staff increased to meet the region’s expanding demand. The MAS has awarded less than 20 in-principle permits and licenses to crypto companies so far.

As the region’s fintech footprint grows, proactive regulators like the MAS are ready to enjoy the many advantages of fostering innovative technologies while also laying the path for future global regulation. This clearance also puts Ripple on track to expand customer usage of crypto-enabled payments in Singapore and across the APAC region.

Singapore is also currently considering imposing formal regulations on the crypto industry but is still quite open about monitoring crypto companies.

As Coincu reported, Gemini exchange has announced a growth strategy in the Asia-Pacific area, with Singapore serving as the heart of operations, as well as the establishment of an engineering facility in India. The MAS also granted Crypto.com a significant payment institution authorization for DPT services.

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Harold

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