Ripple has achieved a significant regulatory milestone with the approval from Singapore’s central bank, allowing the company to expand its payment activities under its Major Payment Institution (MPI) license. This license is held by Ripple Markets APAC, the firm’s Singapore subsidiary, and is one of the highest-level licenses available to select cryptocurrency firms globally.
The Monetary Authority of Singapore (MAS) granted this expansion, which enables Ripple to enhance its regulated cross-border payment services in a key global hub. This will include the use of XRP, the firm’s cryptocurrency, alongside its dollar-pegged stablecoin, RLUSD.
Ripple Payments’ system leverages both RLUSD and XRP for international transactions, acting as an on-ramp and off-ramp that facilitates the collection, holding, swapping, and payout processes for banks and financial technology companies.
In comments regarding the development, Monica Long, President of Ripple, expressed appreciation for “Singapore’s forward-thinking approach.” She highlighted that the expanded license not only affirms Ripple’s commitment to the region but also bolsters the company’s efforts to develop infrastructure that allows financial institutions to handle money more efficiently, quickly, and securely.
Ripple has been active in the Asia-Pacific region since 2017, securing its MPI license in 2023 to provide regulated digital payment services in Singapore, despite facing a prominent lawsuit with the U.S. Securities and Exchange Commission back in its home market.
The expanded license represents a strategic move for Ripple to solidify its presence in a region that is rapidly emerging as a leading market for digital assets. According to Ripple’s Vice President and Managing Director for Asia Pacific, Fiona Murray, the region has experienced remarkable growth, with on-chain activity surging by 70% year-over-year, positioning Singapore as a central player in this expansion.
