Ripple Secures Monetary Authority of Singapore (MAS) License for MPI

Ripple Secures Major Payments Institution License in Singapore

Ripple has been granted a Major Payments Institution (MPI) license by the Monetary Authority of Singapore (MAS), following the initial approval of its license application in June 2023. This license allows Ripple to offer regulated digital payment token services in Singapore, a region that is becoming increasingly important for the blockchain company as it conducts around 90% of its business outside of the United States.

Significance of Singapore as Ripple’s Asia Pacific Headquarters

Singapore has been a crucial location for Ripple since it established its Asia Pacific headquarters there in 2017. Ripple’s CEO, Brad Garlinghouse, emphasized the country’s importance and praised its progressive jurisdiction, stating that Singapore has become one of the leading fintech and digital asset hubs, finding a balance between innovation, consumer protection, and responsible growth.

MAS and Singapore’s Regulatory Framework

The Monetary Authority of Singapore offers various licenses under the Payment Service Act of 2019. Ripple is actively collaborating with MAS and engaging with policymakers and regulators in Asia to support Singapore’s development as a crypto and technology hub. MAS has been involved in projects such as “Project Ubin” to explore blockchain and distributed ledger technology for payment and securities development. Additionally, they are working on “Project Orchid” to establish a technical foundation for a retail Central Bank Digital Currency system.

Hot Take: Ripple’s Expansion in Asia Pacific Continues with Singapore License

Ripple’s acquisition of the Major Payments Institution license from MAS marks another step in its expansion within the Asia Pacific region. With Singapore serving as its regional headquarters, Ripple recognizes the country’s significance as a global fintech and digital asset hub. The approval by MAS demonstrates Singapore’s commitment to fostering innovation while maintaining regulatory oversight. As Ripple continues to grow its presence and engage with policymakers in Asia, it solidifies its position as a key player in the evolving crypto and technology landscape.