Ripple Markets APAC Pte Ltd announced on Wednesday that its Singapore subsidiary has been granted a payments license from the Monetary Authority of Singapore (MAS). This license allows Ripple to provide regulated digital payment token services in the city-state.Ripple received in-principle approval for its Major Payments Institution (MPI) license application from MAS earlier this year. After four months, the company received full approval, securing the Major Payment Institution license for digital payment token services in Singapore.Brad Garlinghouse, Chief Executive Officer of Ripple, expressed his enthusiasm for the regulatory clarity and support the company has found in Singapore. He stated that since establishing Singapore as their Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business.The permit issued by Singapore marks a win for Ripple and enables it to offer services related to digital payment tokens. It has now become one of 15 entities, including local branches of cryptocurrency exchanges such as Coinbase, Independent Reserve, and Blockchain.com.Ripple has reported that most of its operations – over 90% – are conducted outside the United States, with Asia-Pacific, specifically Singapore, representing one of the most rapidly expanding areas for the company. Singapore has established itself as a global leader in digital asset regulation, fostering innovation while prioritizing consumer protection and responsible growth.Digital payments in the Asia Pacific region are expected to keep growing, with cashless transactions projected to increase by 109% by 2025. Ripple plans to take advantage of this trend, focusing on the region for the adoption of its global payment solutions.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 |
| Sentiment | positive |
| Relevance Score | 10 |
| People | Brad Garlinghouse, Monetary Authority of Singapore |
| Companies | Monetary Authority of Singapore (MAS), PrimeXBT, Coinbase, Ripple Markets APAC Pte Ltd, Binance, Major Payments Institution (MPI), Independent Reserve, Blockchain.com |
| Currencies | Bitcoin, XRP, Singapore Dollar, Ethereum |
| Securities | None |
