Ripple secures crypto payment license in Singapore
Blockchain company Ripple has secured in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) to operate as a major payments institution in the country. The approval enables the San Francisco-based fintech company to provide regulated digital payment token (DPT) products and solutions in Singapore.
With this regulatory approval, Ripple will be able to provide its range of cryptocurrency services to customers in Singapore, ensuring compliance with the regulatory framework set by MAS.
Ripple has been actively engaged in the region since establishing its Asia Pacific headquarters in 2017. The company’s commitment to Singapore was further highlighted when it held its Swell Global conference in the country just two years ago.
This approval is also yet another milestone in Singapore’s positive stance on digital assets and sets the stage for further growth in the country’s digital ecosystem. In addition to Ripple, a few other entities hold major payment institution (MPI) licenses in Singapore. These include DBS Vickers, Digital Treasures Center, Fomo Pay, Independent Reserve, Metacomp, Paxos, Revolut, Sparrow Tech, and Hako. Furthermore, Gemini, a prominent cryptocurrency exchange, has expressed interest in expanding its operations to the city-state.
“Singapore is a leading global financial center, and a prominent gateway to business in Asia Pacific. We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally,” said Brad Garlinghouse, Chief Executive Officer of Ripple.
“As more countries develop regulatory frameworks for crypto, many are looking to Singapore’s early leadership in developing a clear taxonomy and licensing framework. This in-principle regulatory approval from the MAS will enable us to better support our forward-looking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system,” said Stu Alderoty, Chief Legal Officer of Ripple.
Earlier in May, Ripple said it plans to establish a new office located in the Dubai International Financial Centre (DIFC), a key financial hub, while also relocating its annual customer conference, Swell Global 2023, from London to Dubai on November 8-9.
As Ripple conducts the majority of its business beyond the US, the MENA region holds significant importance for its global operations. Specifically, almost 20% of all RippleNet clients are based in the Middle East, having onboarded big names such as SABB, Lulu Financial Holdings, RAK Bank, Qatar National Bank, and Al-Ansari Exchange. Additionally, the cross-border payments, including remittances from Saudi Arabia, Bahrain, and the UAE to India, make up over half of Ripple’s payment volume in the MENA region.