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Digital payments network Ripple announced today that its Singapore subsidiary Ripple Markets APAC Pte Ltd has secured the Major Payments Institution (MPI) licence from the Monetary Authority of Singapore (MAS). Ripple’s MPI licence for digital payment tokens (DPTs) issuance follows the MAS’ in-principle approval granted in June 2023.Ripple is one of the oldest blockchain-based digital payment networks, empowered by its own virtual currency, XRP. The full licence in Singapore for the firm means that they can now provide seamless, regulated digital payment token services in the country.According to Ripple’s CEO, Brad Garlinghouse, Singapore has played a crucial role in its global business since it became their Asia Pacific headquarters in 2017. “We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore,” said Garlinghouse. This announcement by Ripple comes as it continues to spar with the U.S. Securities and Exchange Commission (U.S. SEC) over a lawsuit. Not just Ripple, some major crypto firms, including Coinbase, have slammed the U.S. for a lack of clarity around crypto rules and threatened to leave the country.In such circumstances, Singapore stands out globally in establishing a flexible and forward-looking regulatory framework for DPTs through the Payment Services Act, resulting in one of the most vibrant ecosystems for digital asset innovation.While praising MAS’ leadership, Garlinghouse even said, “Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.”Ripple has consistently engaged with regulators to promote responsible digital asset innovation. They look to continue collaborating with the MAS at the Elevandi Insights Forum and the Singapore Fintech Festival from November 14 to 17, 2023. With the granting of an MPI licence to Ripple, it has now become one of the 14 other companies licensed to offer digital payment token services in Singapore. Singapore and MAS’ collaborative efforts and commitment to fostering fintech and digital asset growth are responsible for attracting these industry leaders to its shores, and keeping Singapore ahead of the curve in the digital age revolution taking place worldwide.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
