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Ripple secures major payment licence in Singapore


Ripple's Singapore branch, Ripple Markets Apac, has secured a significant payments institution licence from the Monetary Authority of Singapore (MAS). This approval follows Ripple's in-principle consent received in June, ensuring its sustained provision of regulated digital payment token services in Singapore. Since its establishment in Singapore in 2017, Ripple has witnessed rapid growth, doubling its workforce over the last year. The US-based crypto payment company emphasises its commitment to expanding further in Singapore, considering it a progressive jurisdiction. Ripple also revealed its intent to focus on the Asia-Pacific region for its crypto-enabled payment solutions. Notably, Coinbase, another US-based crypto exchange, also recently secured a similar licence from MAS to offer digital payment token services in Singapore.

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