Key Points:
- Ripple’s local entity, Ripple Markets APAC Pte Ltd, receives the complete license from the Monetary Authority of Singapore (MAS).
- Singapore, a leading fintech and digital asset hub, continues to be pivotal in Ripple’s global business strategy.
- The license allows Ripple to offer digital payment token services, positioning it among a select group of approved organizations by MAS.
Ripple has officially obtained its comprehensive digital payment token license, as granted by the Monetary Authority of Singapore (MAS).
Following the in-principle approval granted in June, Ripple announced on October 4th that its local entity, Ripple Markets APAC Pte Ltd, has been awarded the complete license by the Monetary Authority of Singapore.
Incredibly proud of team @Ripple – just 4(!) months after we received our in-principle approval from @MAS_sg, we’ve now secured the full Major Payment Institution license for digital payment token services in Singapore. https://t.co/AH1sDUG4UE
— Brad Garlinghouse (@bgarlinghouse) October 4, 2023
Brad Garlinghouse, Ripple’s CEO, expressed in the statement, “Singapore has emerged as a leading fintech and digital asset hub, effectively balancing innovation, consumer safeguarding, and sustainable growth.”
Garlinghouse further emphasized that Singapore has served as the Asia Pacific headquarters for Ripple since 2017 and has played a pivotal role in the company’s global operations.
Ripple, a U.S.-based entity, highlighted that over 90% of its operations are conducted outside the United States, underscoring its continued commitment to prioritize the Asia Pacific region for the adoption of its cryptocurrency-backed products.
This newly acquired Singapore license permits Ripple to offer digital payment token services, adding the company to a select group of 14 organizations granted the same authorization by MAS, including local branches of cryptocurrency exchanges such as Coinbase, Independent Reserve, and Blockchain.com.
In a doubly positive development for Ripple on the same day, a U.S. judge presiding over the Securities and Exchange Commission’s lawsuit against Ripple rejected the regulator’s request to file an interlocutory appeal in the case.
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