Ripple, a prominent player in the blockchain and digital payments world, has joined the ranks of high-profile web3 companies granted an MPI (Major Payments Institution) license by the Monetary Authority of Singapore (MAS). This move follows in the footsteps of Circle, a stablecoin issuer, which secured its license in June, and major cryptocurrency exchange Coinbase, which received approval on October 2, as reported by TronWeekly.
Today, Ripple announced that its subsidiary in Singapore, Ripple Markets APAC Pte Ltd, has successfully obtained its full MPI license to offer digital payment token services within the country. The development signifies Singapore’s unwavering commitment to fostering crypto innovation and staying at the forefront of the rapidly evolving blockchain landscape.
The company received in-principle approval for its MPI license application from MAS earlier this year. The company’s press statement emphasized the significance of this milestone, highlighting how it underscores the practical utility of cryptocurrency solutions for businesses and financial institutions. This achievement represents a significant stride toward the broader adoption of digital assets.
Singapore has earned a reputation as a global leader in pioneering digital asset regulation. The country’s forward-thinking approach makes it an ideal destination for businesses and financial institutions looking to harness the potential of cryptocurrencies for cross-border payments, crypto liquidity, and central bank digital currencies.
Ripple’s Commitment To Singapore
Brad Garlinghouse, the CEO of Ripple, expressed his appreciation for Singapore’s pivotal role in the company’s global operations:
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.
Global finance leaders are increasingly acknowledging the lasting importance of digital assets. According to a survey, 90% of these leaders believe that blockchain and digital assets will greatly impact business, finance, and society within the next three years. Furthermore, nearly half of Asia Pacific finance leaders have plans to integrate cryptocurrency into cross-border payments.
However, Digital payments are gaining momentum throughout the Asia Pacific region, signifying Ripple’s prioritization of this area for its global payment solutions. The surge in cashless transactions by 109% expected by 2025 underscores the increasing significance of digital payment options in the region.