Ripple’s Singapore Subsidiary Obtains Payments License from MAS
Ripple Markets APAC Pte Ltd announced that its Singapore subsidiary has been granted a payments license by the Monetary Authority of Singapore (MAS). This license allows Ripple to offer regulated digital payment token services in Singapore without transaction thresholds.
MAS Approves Ripple’s License for DPT Services
Ripple began its journey towards obtaining this license earlier this year when it received in-principle approval for its Major Payments Institution (MPI) license application from MAS. After four months, the company received full approval, securing the Major Payment Institution license for digital payment token services in Singapore.
Ripple CEO Expresses Enthusiasm for Regulatory Clarity in Singapore
In a statement, Brad Garlinghouse, CEO of Ripple, expressed his excitement about the regulatory clarity and support the company has found in Singapore. He emphasized the importance of Singapore as Ripple’s Asia Pacific headquarters and their plans to continue growing their presence in the country.
Ripple Joins 15 Entities Offering Digital Payment Token Services in Singapore
The license issued by MAS enables Ripple to provide services related to digital payment tokens. It now joins a group of 15 entities, including local branches of cryptocurrency exchanges like Coinbase, Independent Reserve, and Blockchain.com.
Ripple’s Strategy in the Asia Pacific Market
Ripple reports that more than 90% of its operations are conducted outside the United States, with the Asia-Pacific region being a significant area of expansion. Singapore, with its favorable regulatory environment for fintech and digital assets, has become an attractive hub for businesses and financial institutions embracing cryptocurrency and blockchain technology.
Singapore’s Commitment to Technology-Driven Growth
Singapore’s commitment to technology-driven economic growth is evident in its ranking as the fourth most digitally competitive country in the IMD World Digital Competitiveness Ranking 2022. The region’s digital payments market is expected to continue growing, with a projected 109% increase in cashless transactions by 2025.
Hot Take: Ripple Expands its Presence in Singapore’s Booming Crypto Market
Ripple’s acquisition of the payments license from MAS is a significant milestone for the company, allowing it to offer regulated digital payment token services in Singapore. With Singapore’s supportive regulatory environment and growing interest in cryptocurrency and blockchain technology, Ripple is well-positioned to expand its presence and take advantage of the region’s increasing demand for global payment solutions.
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