Ripple receives approval to expand payment license in Singapore… strengthens services for institutions

Ripple has reportedly received approval from the Monetary Authority of Singapore (MAS) to expand the scope of its payment services license. With this move, Ripple can further broaden the area in which it provides regulatory-based payment infrastructure to local financial institutions.

On the 1st (local time), crypto asset (cryptocurrency) specialist media CryptoNews reported that Ripple's local unit Ripple Markets APAC received approval from the Monetary Authority of Singapore (MAS) to expand the scope of its existing Major Payment Institution (MPI) license. The approval allows Ripple to widen the scope of its regulated payment services offered to banks and corporate customers.

Monica Long, Ripple's president, said, "Singapore is an important market with a clear regulatory environment," and "the expanded license will be a foundation for strengthening cross-border payment infrastructure for financial institutions."

Ripple has positioned Singapore as a key strategic base since 2017 and obtained an MPI license in 2023 to provide regulatory-based digital token services.

Fiona Murray, head of Ripple Asia-Pacific, said, "On-chain activity in the region increased by about 70% year-on-year," and "Singapore is at the center of this, and the expanded approval will be an opportunity to strengthen regulated services for institutional customers."