CMC News

#Ripple Secures Expanded Payment License From Singapore Regulator

Ripple Markets APAC has received approval from Singapore's Monetary Authority to broaden its regulated payment activities under its Major Payment Institution license, the company announced Monday.

The expansion allows Ripple's Singapore subsidiary to offer an enhanced suite of payment services in a region experiencing significant #crypto adoption growth. Monica Long, Ripple's President, stated the expanded license strengthens the company's ability to invest in Singapore and build infrastructure for financial institutions.

Ripple Payments utilizes digital payment tokens, including stablecoin $RLUSD and $XRP, for cross-border transactions. The system provides on-ramp and off-ramp functionality supporting collection, holding, swapping, and payouts for banks and companies, according to Ripple's operational framework.

The company received its initial Major Payment Institution license from MAS in 2023. The regulatory approval permitted Ripple to offer digital payment token services including buying, selling, and platform provision for token exchanges in Singapore.

Ripple has pursued multiple acquisitions in 2024 to expand its institutional offerings. The company acquired crypto custody and wallet firm Palisade on Nov. 4, adding to its suite of services for financial institutions seeking to integrate #digital assets.