TLDR
- Ripple received approval to expand its MPI license scope in Singapore.
- Ripple can now offer more regulated services using XRP and RLUSD.
- Singapore has been Ripple’s Asia Pacific hub since 2017.
- Ripple can now support large cross-border payments with more institutions.
Ripple has received approval to expand the scope of its Major Payment Institution (MPI) license in Singapore. The company announced it on December 1. The extended license enables Ripple to offer more types of regulated payment services, including those involving digital payment tokens (DPTs) such as XRP.
Ripple Markets APAC Pte. Ltd., the firm’s local subsidiary, first secured the MPI license in 2023. The Monetary Authority of Singapore (MAS) has now allowed it to widen the range of services under this existing license. Singapore’s regulatory approach to digital assets is considered a model in the Asia Pacific region and globally.
Monica Long, President of Ripple, stated, “MAS has set a leading standard for regulatory clarity in digital assets, and we deeply value Singapore’s forward-thinking approach.” She also noted that this license will allow Ripple to provide financial institutions with a blockchain-based infrastructure for efficient money transfers.
Support for Digital Payment Tokens Like XRP
With the expanded MPI license, Ripple can now support transactions involving digital payment tokens. This includes XRP and its stablecoin RLUSD, which are used in Ripple’s payment solutions. The company is now legally allowed to process large volumes of such payments for banks, fintech firms, and crypto companies.
Ripple Payments, the company’s solution for cross-border transactions, helps businesses manage global payments without handling the technical infrastructure. The platform offers end-to-end payment support and access to digital assets without the need for direct management by the customer.
Singapore remains an important part of Ripple’s global operations. Ripple has maintained its Asia Pacific headquarters in Singapore since 2017 and sees the country as a strategic center for growth. The country’s crypto-friendly environment continues to attract global fintech and blockchain companies.
License Expansion to Boost Ripple Payments Adoption
The broader MPI license allows Ripple to onboard more financial institutions in Singapore. These firms can now send and receive cross-border payments using Ripple’s blockchain-based infrastructure. With this approval, Ripple aims to support higher volumes of regulated transactions across the region.
According to Ripple, the Asia Pacific region has seen nearly a 70% increase in on-chain crypto activity year-over-year. Singapore’s position as a financial hub makes it a key market for Ripple to expand its services. The company plans to scale its operations and support more partners in the region using this regulatory foundation.
Ripple’s infrastructure helps institutions avoid the challenges of managing blockchain technology directly. By handling the complexity on behalf of its partners, Ripple offers fast, transparent, and low-cost payment services.
Partnerships and Stablecoin Integration
Ripple is also exploring new use cases involving its RLUSD stablecoin. The company has partnered with Mastercard and Gemini to test the use of RLUSD for fiat card settlements. These pilot projects aim to demonstrate how blockchain-based assets can be used in traditional financial systems.
The expanded MPI license supports Ripple’s goal to simplify global payments for businesses. With regulated access to DPTs like XRP, the company is now better positioned to serve enterprise clients across Asia.
Ripple continues to work with regulators to ensure its services meet compliance standards in each region. The MPI license from MAS shows its ongoing alignment with Singapore’s regulatory expectations.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
