US technology company Ripple (XRP) announced that it has received approval to expand its payment services in Singapore.
Accordingly, Ripple has reportedly received approval from the Monetary Authority of Singapore (MAS) to expand the scope of its payment services license.
With this move, Ripple will be able to further expand its provision of regulatory-based payment infrastructure to local financial institutions.
Under this approval, Ripple will be able to expand the scope of regulated payment services it offers to banks and corporate clients.
Ripple President Monica Long stated that Ripple values Singapore’s forward-thinking approach, saying, “Ripple has always taken a regulation-focused approach. Singapore is an important market with a clear regulatory environment. This expanded license strengthens our ability to continue investing in Singapore and build the infrastructure financial institutions need to move money efficiently, quickly, and securely.”
Fiona Murray, Ripple’s Head of Asia-Pacific, said, “On-chain activity in the region has increased by approximately 70% year-over-year. Singapore is at the heart of this, and the expanded approval will be an opportunity to strengthen regulated services for institutional clients.”
Ripple has been operating in Singapore since 2017 and has positioned it as an important strategic base.
In 2023, it also received an MPI license to offer regulatory-based digital token services in Singapore.
*This is not investment advice.