Ripple Labs has received a significant regulatory green light from the Monetary Authority of Singapore (MAS) to expand the scope of its payment services, further solidifying its strategy to deepen its institutional footprint across the Asia-Pacific (APAC) region.
Ripple’s local unit, Ripple Markets APAC, announced on Monday that it has secured approval under its existing Major Payment Institution (MPI) license to broaden its regulated payment activities. The decision enables the firm to offer an extended range of services to banks and corporations within Singapore’s tightly regulated financial market.
The expanded license is crucial for Ripple as it seeks to build infrastructure for faster, more secure, and cheaper cross-border transactions.
Ripple Payments, the firm’s core system, connects clients to various on- and off-ramps for collections, custody, currency conversion, and payouts. This system utilizes digital payment tokens, including RLUSD (Ripple’s dollar-backed stablecoin) and XRP, to settle international transactions, aiming to cut both processing times and fees for corporate users.
“The broader license sets the foundation for further investment and helps us build infrastructure for financial institutions seeking faster and more secure cross-border payments,” said Monica Long, Ripple President.
The regulatory milestone arrives as the APAC region experiences significant acceleration in digital asset adoption. Fiona Murray, Ripple’s APAC Head, noted that on-chain activity in the region has climbed approximately 70% year-over-year, with Singapore serving as a “center of that growth.”
The expanded permissions will allow Ripple to deliver regulated services directly to the institutions driving this regional surge.
Ripple first secured its MPI license in Singapore in 2023 for digital token services, having established a presence in the city-state since 2017. The latest update significantly widens its operating capacity beyond those initial functions.
