Crypto giant Ripple's Singapore subsidiary Ripple Markets APAC has obtained in-principle approval (IPA) for the Major Payment Institution licence application from the Monetary Authority of Singapore (MAS).
This licence will allow the enterprise blockchain and crypto solutions provider to offer regulated digital payment token products and services in the city state as well as further scale its customers’ use of its crypto-enabled on-demand liquidity (ODL) service.
Ripple experienced unprecedented business momentum for ODL globally in 2022, with a majority of its growth driven by its Singapore operations. Last year, well over a majority of global ODL transactions flowed through Singapore, which serves as the company’s Asia Pacific headquarters.
As a result of this, the firm had doubled its headcount in Singapore over the past year across key functions such as business development, compliance, finance, legal and sales departments, with plans to continue increasing its presence in the region.
Ripple CEO Brad Garlinghouse says the company is proud to receive the IPA from the MAS, reaffirming its commitment to the region and ongoing proactive engagement with regulators globally.
“The MAS continues to be a global leader in establishing clear rules of the road to recognise the innovation and real-world utility of digital assets and its benefits to the global financial system. We look forward to strengthening this partnership to collectively propel the growth and development of the digital assets ecosystem in Singapore,” says Garlinghouse.
