Ripple, the financial technology company providing crypto solutions for businesses, has secured approval for an expanded scope of payment activities for the Major Payment Institution (MPI) license held by its Singapore subsidiary, Ripple Markets APAC Pte. Ltd. (RMA). The approval from the Monetary Authority of Singapore (MAS) allows Ripple to broaden its regulated payment offerings, reinforcing the city-state’s position as a global digital asset hub.
Singapore has been pivotal to Ripple’s global business since the company established its Asia Pacific headquarters there in 2017. As one of the few blockchain-enabled institutions globally with an MPI license, Ripple can now deliver greater value to its customers in the region.
Compliance and infrastructure for institutions
The expanded license strengthens Ripple’s ability to invest in Singapore and build the infrastructure financial institutions (FIs) need to move money efficiently, quickly, and safely. The company emphasized its commitment to compliance, transparency, and strong regulatory partnership.
Monica Long, president of Ripple, credited MAS for its clear regulatory framework. “MAS has set a leading standard for regulatory clarity in digital assets, and we deeply value Singapore’s forward-thinking approach,” Long said. She added that the expanded license reinforces the ability to continue investing in Singapore.
The core offering, Ripple Payments, combines Digital Payment Tokens (DPTs) and a global payout network to deliver fast, transparent, and reliable cross-border payments and on/off ramps for banks, crypto companies, and fintechs. This fully licensed, end-to-end solution handles the underlying blockchain and operational complexity.
Key benefits of Ripple Payments include:
- End-to-End Payments Solution: Uses DPTs, such as RLUSD and XRP, to settle payments in minutes, eliminating the cost and operational burden of infrastructure buildout.
- Single Onboarding: Allows businesses to replace fragmented partners with one trusted provider, streamlining operations across collection, holding, swapping, and payout.
- Simplified Digital Asset Access: Eliminates the need for specialized infrastructure or direct digital asset management, allowing customers to choose whether or not to hold DPTs.
Scaling with APAC’s Digital Growth
The Asia Pacific region is a critical market for digital asset adoption, with on-chain activity up roughly 70% year-over-year. Singapore sits at the center of that growth.
Fiona Murray, vice president and managing director for Asia Pacific at Ripple, said the expanded scope allows them to better support the institutions driving that growth by offering a broad suite of regulated payment services, bringing faster, more efficient payments to their customers. Singapore was one of the earliest leaders globally in establishing a forward-looking regulatory framework for digital assets.