Ripple Markets APAC Pte Ltd, a subsidiary of Ripple, has obtained a payments license from the Monetary Authority of Singapore (MAS) to operate without transaction thresholds in Singapore. This license allows Ripple to offer regulated digital payment token services in the city-state. Ripple had previously received in-principle approval for its Major Payments Institution (MPI) license application from MAS earlier this year, and it has now secured the full approval for its digital payment token services. Brad Garlinghouse, CEO of Ripple, expressed his excitement for the regulatory clarity and support in Singapore, noting that the country has been pivotal to Ripple’s global business since establishing its Asia Pacific headquarters there in 2017.
The license issuance by MAS marks a significant achievement for Ripple, as it enables the company to provide services related to digital payment Tokens. Ripple is now among 15 entities, including local branches of major cryptocurrency exchanges like Coinbase, Independent Reserve, and Blockchain.com, that have been granted such a license in Singapore.
Ripple’s expansion into the Asia Pacific market has been driven by the region’s rapid growth and Singapore’s position as a global leader in digital asset Regulation. The country has established itself as an attractive hub for businesses and financial institutions embracing cryptocurrency and blockchain technology, with a conducive environment for fintech and digital assets. Singapore ranked fourth in the IMD World Digital Competitiveness Ranking 2022, showcasing its commitment to technology-driven economic growth. The Asia Pacific region is expected to experience significant growth in digital payments, with cashless transactions projected to increase by 109% by 2025.
Ripple plans to capitalize on this growth by focusing on the region for the adoption of its global payment solutions. With over 90% of its operations conducted outside the United States, Ripple sees the Asia Pacific, particularly Singapore, as a key market for its business. The company has been expanding its team in Singapore and intends to continue growing its presence in the country.
Overall, Ripple’s acquisition of the payments license in Singapore represents a major milestone for the company, allowing it to offer regulated digital payment token services in the city-state. Singapore’s supportive regulatory environment and commitment to technology-driven growth make it an ideal market for Ripple to expand its global payment solutions..
#Ripples #Singapore #Subsidiary #Secures #Full #Payments #License #MAS
The license issuance by MAS marks a significant achievement for Ripple, as it enables the company to provide services related to digital payment Tokens. Ripple is now among 15 entities, including local branches of major cryptocurrency exchanges like Coinbase, Independent Reserve, and Blockchain.com, that have been granted such a license in Singapore.
Ripple’s expansion into the Asia Pacific market has been driven by the region’s rapid growth and Singapore’s position as a global leader in digital asset Regulation. The country has established itself as an attractive hub for businesses and financial institutions embracing cryptocurrency and blockchain technology, with a conducive environment for fintech and digital assets. Singapore ranked fourth in the IMD World Digital Competitiveness Ranking 2022, showcasing its commitment to technology-driven economic growth. The Asia Pacific region is expected to experience significant growth in digital payments, with cashless transactions projected to increase by 109% by 2025.
Ripple plans to capitalize on this growth by focusing on the region for the adoption of its global payment solutions. With over 90% of its operations conducted outside the United States, Ripple sees the Asia Pacific, particularly Singapore, as a key market for its business. The company has been expanding its team in Singapore and intends to continue growing its presence in the country.
Overall, Ripple’s acquisition of the payments license in Singapore represents a major milestone for the company, allowing it to offer regulated digital payment token services in the city-state. Singapore’s supportive regulatory environment and commitment to technology-driven growth make it an ideal market for Ripple to expand its global payment solutions..
#Ripples #Singapore #Subsidiary #Secures #Full #Payments #License #MAS
