Crypto giant Ripple's Singapore subsidiary Ripple Markets APAC has obtained its major payments institution licence from the Monetary Authority of Singapore (MAS).
It received its in-principle approval in June.
Singapore had been pivotal to Ripple’s global business since the establishment of its Asia Pacific headquarters in the city-state in 2017, says Ripple CEO Brad Garlinghouse. The firm had doubled its headcount over the past year and plans to continue growing its presence in the country, he adds.
With the full licence, Ripple can continue to provide regulated digital payment token services in Singapore.
Over 90% of Ripple’s business is outside of the US — of this, Asia Pacific as one of its fastest growing regions. The company will continue to prioritise the Asia Pacific region for adoption of its crypto-enabled payments solutions.
Ripple will continue its engagement with the MAS, with its key executives speaking at this year’s upcoming Elevandi Insights Forum and Singapore Fintech Festival.
See also: Digital Assets Association launches to connect tradfi and tokenised real world assets
