Ripple receives MPI License from the Monetary Authority of Singapore
By Gloria Mathias
Ripple, the enterprise blockchain and crypto solutions has announced its Singapore subsidiary Ripple Markets APAC has secured its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).
The issuance of Ripple’s MPI license for digital payment tokens (DPTs) follows the MAS’ in-principal approval of its license application in June 2023. Singapore is one of the earliest leaders globally in establishing a flexible and forward-looking regulatory framework for DPTs through the Payment Services Act, and as a result has built one of the most vibrant ecosystems for digital asset innovation.
“Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business. We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore,” said Brad Garlinghouse, Chief Executive Officer of Ripple. “Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.”
With the full license, Ripple can continue to provide regulated digital payment token services in Singapore. Over 90% of Ripple’s business is outside of the US, and Singapore and to a larger degree Asia Pacific – is one of its fastest growing regions. The company will continue to prioritize the Asia Pacific region for adoption of its crypto-enabled payments solutions.
The company will continue its engagement with the MAS with key executives speaking at the Elevandi Insights Forum and the Singapore Fintech Festival.
Ripple’s business solutions are faster, more transparent, and more cost effective – solving inefficiencies that have long defined the status quo. And together with partners and the larger developer community, it identifies use cases where crypto technology will inspire new business models and create opportunity for more people.
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December 08, 2023