The cryptocurrency firm, Ripple, officially made the announcement on October 3, 2023, as it secured a Singapore payment license. The firm wrote in its recent post on X (formerly Twitter) that its Singapore subsidiary, Ripple Markets APAC Pte Ltd., has secured its full Major Payments Institution (MPI) license to provide digital payment token services in Singapore.
It’s official: Ripple is now fully licensed to provide digital payment token services in Singapore by @MAS_sg! Ripple is committed to delivering real-world crypto solutions for businesses in APAC.
Learn more: https://t.co/jD8xSc2pdd
— Ripple (@Ripple) October 4, 2023
Notably, earlier this year, Ripple received in-principle approval of its Major Payments Institution MPI license application from the Monetary Authority of Singapore (MAS).
Ripple Exploring Singapore
According to Ripple, this license underscores the real-world utility of crypto solutions for businesses and financial institutions. With this step, the firm marked an important step towards wider adoption of digital assets.
Notably, the Lion City aka Singapore is known as a leader in pioneering digital asset regulation. This makes it an ideal location for businesses and financial institutions to harness the power of crypto for cross-border payments, crypto liquidity, and central bank digital currencies.
Brad Garlinghouse, Chief Executive Officer of Ripple, said “Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business. We have hired exceptional talent and local leadership, doubling headcount over the past year, and plan to continue growing our presence in a progressive jurisdiction like Singapore.”
Garlinghouse also added, “Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection, and responsible growth.”
Potential of the Singapore Market
As the crypto firm wrote historically, Singapore has experienced staggering periods of transformation by leaning into technology to support economic growth, invite new investments, and even streamline government services. Last year, the Lion City secured the fourth spot on the IMD World Digital Competitiveness Ranking which measures a country’s ability to adopt new technologies.
It can be said that regularity and clarity made a major contribution to the success of the Singapore market. It proved pivotal in ensuring security and trust for businesses and institutions to explore crypto solutions. Meanwhile, some countries are pumping the brakes on crypto innovation and Singapore is staying well ahead of the curve by future-proofing for the inevitable, as Ripple noted in its post.
Moreover, global finance leaders agree that digital assets are here to stay. 90% believe blockchain and digital assets will have a significant or massive impact on business, finance, and society in the next three years. However, almost half of Asia Pacific finance leaders plan to use crypto for cross-border payments.
Generally, payments across the Asia Pacific will continue to trend increasingly digital — cashless transaction volume is set to increase 109% by 2025 — and the crypto firm will “continue to prioritize this region for adoption of its global payments solutions,” Ripple further noted.