SINGAPORE — Ripple, a prominent player in the digital payment industry, announced that it has successfully obtained a full license to operate as a major payment institution from the Monetary Authority of Singapore (MAS).
This significant development comes after the company received in-principle approval in June, marking a pivotal milestone for Ripple’s continued operations within the country.
The license has been granted to Ripple’s local subsidiary, Ripple Markets APAC Pte Ltd, and expands the company’s operational capabilities in Singapore.
Ripple CEO, Brad Garlinghouse, emphasized the importance of Singapore as a burgeoning fintech and digital asset hub that has skillfully balanced innovation, consumer protection, and sustainable growth.
Garlinghouse stated, “Singapore has evolved into a leading global fintech and digital asset hub, effectively harmonizing innovation with robust safeguards for consumers and responsible expansion.”
He further underscored Singapore’s critical role as the home to Ripple’s Asia Pacific headquarters since 2017, emphasizing its central importance to Ripple’s global business operations.
Under the newly acquired license, Ripple is authorized to offer a range of digital payment token services, solidifying its position within the financial services sector in Singapore.
Notably, Ripple joins a select group of 14 entities that have been granted similar licenses by MAS, including local branches of prominent cryptocurrency exchanges such as Coinbase, Independent Reserve, and Blockchain.com.
This regulatory approval underscores Ripple’s commitment to operating within a compliant and regulated framework as it continues to advance its presence in the dynamic world of digital payments.