Ripple, a prominent financial technology firm known for its crypto solutions, has received approval from the Monetary Authority of Singapore (MAS) to expand the scope of its payment activities under the Major Payment Institution (MPI) licence held by Ripple Markets APAC Pte. Ltd. This development allows Ripple to enhance its regulated payment services, offering greater value to customers in Singapore through its Ripple Payments platform.
Ripple’s expanded licence enables the company to deliver fully licensed end-to-end payment services in the region, leveraging blockchain technology to facilitate fast, transparent, and reliable cross-border payments. The company’s Vice President and Managing Director for Asia Pacific, Fiona Murray, highlighted the significance of this expansion, stating, “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.”
The Asia Pacific region, particularly Singapore, is at the forefront of digital asset usage, with on-chain activity increasing by approximately 70% year-over-year. Ripple’s President, Monica Long, praised Singapore’s regulatory clarity, noting, “Ripple has always taken a regulation-first approach and Singapore is proof that innovation thrives when rules are clear.”
Ripple Payments offers a comprehensive solution that includes digital payment tokens and a global payout network, simplifying digital asset access for banks, crypto companies, and fintechs. This strategic move underscores Ripple’s commitment to compliance and innovation, reinforcing its position as a leader in the digital payments landscape.
