Ripple Markets APAC, the Singapore subsidiary of Ripple, the enterprise blockchain and crypto solution leader, has obtained In-Principle Approval of the Major Payments Institution License application from the Monetary Authority of Singapore (MAS).
Ripple’s license will enable it to offer regulated digital payment token products and services in Singapore, and further scale its customers’ use of its crypto-enabled On-Demand Liquidity (ODL) service.
In 2022, Ripple experienced “unprecedented” business momentum for ODL globally. Ripple’s Singapore operations drove the majority of this growth – and served as the company’s Asia Pacific headquarters.
A majority of global ODL transactions flowed through Singapore in 2022. As a result of this growth trajectory, Ripple doubled its headcount in Singapore across key functions such as business development, compliance, finance, legal, and sales. Ripple also has plans to continue increasing its presence in the world’s fastest-growing region.
Brad Garlinghouse, chief executive officer of Ripple, said: “Singapore is a leading global financial centre and a prominent gateway to business in Asia Pacific. We’re also incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally.
“The MAS continues to be a global leader in establishing clear rules of the road to recognise the innovation and real-world utility of digital assets and its benefits to the global financial system. We look forward to strengthening this partnership to collectively propel the growth and development of the digital assets ecosystem in Singapore.”
Building ‘a more inclusive and borderless financial system’
Stu Alderoty, chief legal officer of Ripple, also commented on obtaining the license: “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.”
As part of Ripple’s ongoing engagement with the Monetary Authority of Singapore, Garlinghouse will also take to the stage at the Point Zero Forum in Zurich, Switzerland on 27 June 2023. He will discuss the resurgence of innovation in digital assets through investment and thoughtful regulation.