Ripple has officially received an expanded Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a significant step in enhancing its regulated payment services. This new approval allows Ripple to utilize the digital assets XRP and its stablecoin RLUSD in a wider array of institutional payment and settlement activities.
According to President Monica Long, this development reinforces Ripple”s commitment to a regulation-first approach and underscores Singapore”s vital role as a global leader in the realm of digital assets. The expanded license enables Ripple Markets APAC Pte. Ltd. to implement token-based settlement methods for financial institutions, including banks and fintech companies, thereby streamlining cross-border payment processes.
With this approval, Ripple can now offer a comprehensive suite of regulated services, including payout, settlement, and on/off-ramp solutions, thereby facilitating institutional clients to leverage its infrastructure without the necessity of holding the digital assets directly or developing their own solutions.
Ripple”s Payments product integrates digital asset settlement into a global payout network, allowing clients to efficiently route funds, convert them into tokens, and settle transactions through a unified system. This strategic enhancement comes as the Asia-Pacific region emerges as Ripple”s fastest-growing market, experiencing a remarkable 70% increase in on-chain activity year over year. Singapore has served as Ripple”s APAC hub since 2017.
The newly granted permissions are expected to bolster Ripple”s investment in Singapore and enable the company to cater to a growing number of regional financial institutions seeking regulated options for token-based settlement. Long emphasized the importance of Singapore”s regulatory clarity, stating, “We deeply value Singapore”s forward-thinking approach. Ripple has always taken a regulation-first approach, and Singapore is proof that innovation thrives when rules are clear.”
In related news, Ripple”s stablecoin RLUSD recently garnered recognition from the Abu Dhabi Global Market”s Financial Services Regulatory Authority (FSRA), showcasing the expanding influence of Ripple”s offerings in the global financial landscape.
