Ripple Secures Major Payment Institution License in Singapore: A Game Changer
Crypto giant Ripple's Singapore subsidiary Ripple Markets APAC Pte Ltd has obtained its major payments institution licence from the Monetary Authority of Singapore (MAS). This marks a significant milestone for the company, solidifying its presence in the Asian financial hub and paving the way for expanded services.
Ripple, the leader in enterprise blockchain and crypto solutions, today announced that its Singapore subsidiary Ripple Markets APAC Pte Ltd, has obtained In-principle approval for a Major Payments Institution License from the Monetary Authority of Singapore (MAS), marking a crucial step forward. Ripple announced today that it has obtained in-principle approval for a Major Payments Institution License from the Monetary Authority of Singapore (MAS), the nation’s leading financial regulator.
The Major Payment Institution License will allow a local Ripple presence to offer a wider range of regulated services. It Ripple has secured in-principle approval of an application for a Major Payments Institution License from the Monetary Authority of Singapore, which will allow a local entity to further scale its operations and cater to the growing demand for crypto-based payment solutions in the region.
This achievement follows a rigorous application process, and Ripple has confirmed that it has been granted in-principle approval for a Major Payment Institution License by the Monetary Authority of Singapore [MAS]. Serving as Ripple's regional hub, Singapore has become a strategic location for the company's expansion plans.
This license will enable Ripple to further develop its On-Demand Liquidity (ODL) service, utilizing XRP to facilitate cross-border payments more efficiently and cost-effectively. With this regulatory green light, Ripple is poised to revolutionize payment infrastructure in Asia and beyond.
Stay tuned for more updates on Ripple's continued growth and innovation in the cryptocurrency and blockchain space.