- Ripple expands payment license in Singapore, enhancing global payment capabilities.
- MAS approval enables Ripple to broaden regulated payment services in Asia.
- Ripple strengthens commitment to innovation and regulatory compliance in Singapore.
Ripple, a leading provider of blockchain-based payment solutions, has made a significant announcement regarding its operations in Singapore. The Monetary Authority of Singapore (MAS) has approved an expanded scope for Ripple Markets APAC Pte. Ltd. (RMA), a subsidiary of Ripple, under its Major Payment Institution (MPI) license.
This approval enables Ripple to expand its regulated payment services, strengthening its presence in the rapidly growing Singaporean market.
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Commitment to Regulatory Compliance and Innovation
Ripple’s President, Monica Long, emphasized the importance of Singapore’s regulatory environment, stating, “MAS has set a leading standard for regulatory clarity in digital assets, and we deeply value Singapore’s forward-thinking approach.”
She noted that Ripple’s commitment to a regulation-first strategy aligns with Singapore’s clear and forward-thinking rules, creating an environment conducive to innovation. With the expanded license, Ripple plans to enhance its investments in Singapore and continue building infrastructure for efficient and secure global payments.
Ripple Payments is now better positioned to offer fast and reliable cross-border payments using digital payment tokens (DPTs) such as RLUSD and XRP. By combining a global payout network and blockchain technology, Ripple handles the operational complexities for businesses, enabling them to launch digital payment services without the burden of infrastructure development and maintenance.
Ripple’s Expanding Role in the Asia-Pacific Region
The Asia-Pacific region is witnessing a rapid adoption of digital assets, with on-chain activity increasing by about 70% year-over-year. Singapore plays a central role in this growth, and Ripple’s expanded capabilities will allow it to better serve financial institutions and fintech companies in the region.
With the newly approved scope of activities, Ripple is set to offer a comprehensive range of regulated payment services to its clients, further enhancing the speed and efficiency of cross-border payments.
Ripple’s continued growth in Singapore reflects the company’s strong belief in the region’s regulatory clarity and innovation. By providing an end-to-end solution that simplifies digital asset access, Ripple is streamlining operations for its customers, enabling them to move money more efficiently and securely across borders.
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