SBI chairman shares Ripple in-principle regulatory approval in Singapore, solidifying partnership in enterprise blockchain.
Yoshitaka Kitao, the Chairman, President, and CEO of Japanese financial services giant SBI Holdings, has taken to Twitter to highlight Ripple’s recent regulatory feat within the Asia Pacific region.
Specifically, Kitao shared with the Japanese crypto community that Ripple’s Singapore subsidiary, Ripple Markets APAC Pte Ltd, has secured in-principle approval from the Monetary Authority of Singapore (MAS).
Ripple Obtains In-Principle Regulatory Approval in Singapore https://t.co/w9XBOeozZL
— 北尾吉孝 (@yoshitaka_kitao) June 28, 2023
The Ripple Singaporean License
As The Crypto Basic recently reported, the regulatory approval is for the Major Payments Institution (MPI) License application, putting Ripple among the top 20 firms to attain such a feat.
The license enables Ripple to offer regulated products and services, further expanding the reach of its crypto-enabled On-Demand Liquidity (ODL) service.
Notably, Ripple’s ODL service saw remarkable growth globally in 2022, with a significant portion of transactions flowing through Singapore. The phenomenal development prompted Ripple to double its regional workforce over the past year, focusing on critical functions such as business development, compliance, finance, legal, and sales.
Acknowledging Singapore’s prominent status as a global financial center and a gateway to business in the Asia Pacific region, Brad Garlinghouse, CEO of Ripple, expressed his pride in receiving the in-principle license.
Garlinghouse praised MAS for its leadership in establishing clear regulatory guidelines that recognize the innovation and real-world utility of digital assets, emphasizing Ripple’s commitment to fostering a strong partnership for the growth and development of the digital assets ecosystem in Singapore.
Ripple’s Relationship with SBI
SBI Holdings, under the leadership of Chairman Yoshitaka Kitao, has established a close connection with Ripple, recognizing its leadership in enterprise blockchain and crypto solutions.
SBI has been actively involved in promoting Ripple’s solutions, particularly in the area of cross-border payments. SBI and Ripple formed a strategic partnership in 2016 to form SBI Ripple Asia. This joint business venture seeks to expand Ripple’s services in Asia.
The recent news of Ripple’s regulatory approval in Singapore further solidifies the cooperation between SBI and Ripple, demonstrating SBI’s admiration for Ripple’s achievements and their shared vision for the future of digital assets.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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