In a significant stride for the world of digital payments and blockchain technology, Ripple, a pioneer in enterprise blockchain and crypto solutions, revealed on Tuesday that its Singapore subsidiary, Ripple Markets APAC Pte Ltd, has successfully obtained its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).
The issuance of this MPI license for digital payment tokens (DPTs) follows MAS’ preliminary approval granted to Ripple’s application in June 2023.
Singapore stands as a trailblazer on the global stage for establishing an adaptive and forward-thinking regulatory framework for DPTs through the Payment Services Act. Consequently, the city-state has fostered a dynamic ecosystem for digital asset innovation.
Brad Garlinghouse, the CEO of Ripple, emphasized the strategic importance of Singapore in the company’s global operations. Since designating Singapore as their Asia-Pacific headquarters in 2017, Ripple has made significant investments in talent and local leadership, doubling its headcount over the past year.
Garlinghouse expressed intentions to further expand their presence in Singapore, leveraging the conducive regulatory environment and positioning the country as a hub for growth and innovation.
“With the full license, Ripple can continue to provide regulated digital payment token services in Singapore,” said Garlinghouse, highlighting the importance of regulatory approval for Ripple’s continued operations in the region.
He emphasized that over 90% of Ripple’s business is conducted outside the US, with the Asia-Pacific region, particularly Singapore, emerging as one of their fastest-growing markets.
The company intends to prioritize this region for the widespread adoption of its crypto-enabled payments solutions.
Ripple’s commitment to responsible innovation in the digital asset sector has been evident from the outset. The company has actively engaged with policymakers and regulators to drive responsible innovation within the digital assets industry. This approach aligns with Singapore’s ethos of striking a balance between innovation, consumer protection, and responsible growth in the fintech and digital asset space.
To continue fostering dialogue and collaboration with the MAS, key executives from Ripple are scheduled to participate in the Elevandi Insights Forum and the Singapore Fintech Festival from November 14-17, 2023. This engagement underscores Ripple’s dedication to advancing the discourse surrounding responsible digital asset adoption and the transformative potential of blockchain technology.
The acquisition of the MPI license by Ripple’s Singapore subsidiary heralds a new chapter in the company’s operations within the Asia Pacific region. With a regulatory green light, the firm is set to further drive the adoption of its crypto-enabled payment solutions in one of the world’s most progressive fintech landscapes.