Ripple Expands Scope of Payment Activities in Singapore

Written by finews.asia editors

Ripple, a fintech providing crypto solutions for businesses, announced on Monday that the Monetary Authority of Singapore has approved an expanded scope of payment activities for the Major Payment Institution license held by its Singapore subsidiary.

With this approval, Ripple Markets APAC (Ripple's Singapore entity) can broaden its regulated payment offerings and deliver greater value to customers in Singapore. As one of the few blockchain-enabled institutions globally with an MPI license, Ripple continues to reinforce its commitment to compliance, transparency, and strong regulatory partnerships.

«The Monetary Authority of Singapore, MAS, has set a leading standard for regulatory clarity in digital assets, and we deeply value Singapore’s forward-thinking approach,» said Monica Long, Ripple President.

«Ripple has always taken a regulation-first approach and Singapore is proof that innovation thrives when rules are clear. This expanded license strengthens our ability to continue investing in Singapore and to build the infrastructure financial institutions need to move money efficiently, quickly, and safely,» she added.

Global Payout Network

Ripple Payments combines digital payment tokens (DPTs) and a global payout network to deliver fast, transparent, and reliable cross-border payments and on/off ramps for banks, crypto companies, and fintechs around the world.

With a fully licensed, end-to-end solution, Ripple handles the underlying blockchain and operational complexity so businesses can launch digital payment services quickly, without taking on the cost or burden of infrastructure management. Key benefits of Ripple Payments include:

End-to-End Payments Solution: Using DPTs, such as RLUSD and XRP, to settle payments in a matter of minutes without the cost or operational burden of infrastructure buildout or maintenance.
Single Onboarding: Replace fragmented partners with one trusted provider. Ripple streamlines operations by supporting the entire payment flow - collection, holding, swapping, and payout - through a single integration.
Simplified Digital Asset Access: Connect to DPT seamlessly and choose whether or not to hold DPT. Ripple eliminates the need for additional bank relationships, specialized infrastructure, or direct digital asset management.

Singapore has been pivotal to Ripple's global business since the company established its Asia Pacific headquarters there in 2017.

The MAS is recognized as a leader in establishing clear regulatory frameworks for digital assets, creating an environment for financial institutions and Singapore was one of the earliest leaders globally in establishing a forward-looking regulatory framework for digital assets.