The San Francisco-based blockchain firm Ripple has secured significant regulatory clearance for its crypto payment endeavor in Singapore.
In a recent statement, the firm proclaimed that Ripple Markets APAC Pte Ltd, its Singapore arm, has attained full approval to offer crypto payment services in the Singaporean market.
Ripple’s Full MPI License
Ripple got the full Major Payment Institution (MPI) clearance from Singapore’s top banking regulator, the Monetary Authority of Singapore (MAS). The firm took to X to celebrate the feat.
In the tweet, Ripple restated its commitment to delivering real-world crypto-based solutions for Asia Pacific (APAC) businesses.
It’s official: Ripple is now fully licensed to provide digital payment token services in Singapore by @MAS_sg! Ripple is committed to delivering real-world crypto solutions for businesses in APAC.
Learn more: https://t.co/jD8xSc2pdd
— Ripple (@Ripple) October 4, 2023
Furthermore, Ripple noted that the significant achievement highlights the practical applicability of crypto solutions, catering to financial institutions and businesses. Additionally, Ripple stated the license signifies a crucial stride toward the broader acceptance and utilization of cryptocurrencies.
Besides, the payment firm underscored Singapore’s pioneering effort in terms of crypto regulation. The statement read:
“Singapore is known as a leader in pioneering digital asset regulation, making it an ideal location for businesses and financial institutions to harness the power of crypto for cross-border payments.”
Ripple CEO Reacts
Also, Brad Garlinghouse, the CEO of Ripple, commented on the regulatory milestone. He highlighted Singapore’s role in expanding its global business in the past six years.
Garlinghouse remarked: “Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs, striking the balance between innovation, consumer protection, and responsible growth.”
Incredibly proud of team @Ripple – just 4(!) months after we received our in-principle approval from @MAS_sg, we’ve now secured the full Major Payment Institution license for digital payment token services in Singapore. https://t.co/AH1sDUG4UE
— Brad Garlinghouse (@bgarlinghouse) October 4, 2023
Notably, this full Major Payment Institution license comes within four months after Ripple got an In-Principle clearance from MAS. It is worth mentioning that the approval propelled Ripple into an exclusive league of less than 20 companies acknowledged for their crypto payment services in Singapore.
Meanwhile, Ripple highlighted in the announcement that the Asia Pacific region will continue to witness a shift toward digital payments. It particularly mentioned that cashless transactions are projected to surge over 109% by 2025.