Ripple has gained the green light to extend its licensed payment offerings in Singapore as part of an expanded scope granted by the Monetary Authority of Singapore (MAS).
The approval allows Ripple Markets APAC to broaden the regulated payment activities it provides under its Major Payment Institution (MPI) license.
The company said the move deepens its ability to serve customers in Singapore and reflects its position as one of the few blockchain-enabled institutions globally with this level of regulatory approval.
Ripple obtained its full MPI license in 2023 to offer regulated digital payment token services in Singapore.
Ripple Payments, the firm’s end-to-end platform, uses digital payment tokens such as RLUSD and XRP to support fast and transparent cross-border transactions.
The service offers on and off ramps through a global payout network and supports collection, holding, swapping and payout through a single onboarding process.
The firm manages the blockchain and operational layers, enabling customers to access digital payment tokens without additional bank relationships or specialised infrastructure.
Ripple has not detailed which new payment categories MAS approved under the expanded scope, and the regulator has not released further information.
Only the digital payment token authorisation is publicly confirmed, with the specific additions to the licence still undisclosed.
Singapore has been a key market for Ripple since it established its Asia Pacific headquarters in 2017.
“MAS has set a leading standard for regulatory clarity in digital assets, and we deeply value Singapore’s forward-thinking approach. Ripple has always taken a regulation-first approach and Singapore is proof that innovation thrives when rules are clear.
This expanded license strengthens our ability to continue investing in Singapore and to build the infrastructure financial institutions need to move money efficiently, quickly, and safely.”
said Monica Long, Ripple President.
“The Asia Pacific region leads the world in real digital asset usage, with on-chain activity up roughly 70% year-over-year. Singapore sits at the center of that growth.
With this expanded scope of payment activities, we can better support the institutions driving that growth by offering a broad suite of regulated payment services, bringing faster, more efficient payments to our customers.”
said Fiona Murray, Ripple Vice President & Managing Director, Asia Pacific.
Featured image: Edited by Fintech News Singapore, based on image by vart_dant via Freepik
