- Ripple receives Major Payments Institution license in Singapore.
- Boosts regulated XRP payment services.
- Supports strategic growth in Asia Pacific.
Ripple Markets APAC Pte Ltd, under CEO Brad Garlinghouse, secured a Major Payments Institution license in Singapore from the Monetary Authority of Singapore, expanding regulated digital payment services in the region.
Ripple’s license acquisition potentially boosts XRP’s market presence in Asia, reflecting stronger institutional adoption and signaling strategic regulatory success in fintech innovation.
Ripple’s Singapore subsidiary, Ripple Markets APAC Pte Ltd, has secured the Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license broadens Ripple’s payment offerings in the region and underlines its regional expansion strategy.
Key figures in this event include Brad Garlinghouse, CEO of Ripple, who has highlighted Singapore’s strategic importance. With the MPI license, Ripple is poised to enhance its regulated digital payment token services in Singapore, a major fintech hub.
This move allows Ripple to expand its operational capacity in Asia, possibly increasing the demand for XRP due to business use cases. The expansion confirms Ripple’s commitment to the region, as over 90% of its business exists outside the US.
Historically, similar regulatory achievements have bolstered XRP’s position in cross-border payments, positively affecting institutional adoption. While precise financial shifts are unspecified, the general market sentiment may become more positive regarding Ripple’s growth potential.
Ripple has previously secured a Digital Payment Token license in Singapore and obtained registration under UAE’s Virtual Assets Regulatory Authority. These moves illustrate Ripple’s strategic efforts to reinforce its stance in major financial markets through regulatory compliance.
Institutional adoption and market confidence are expected to increase as Ripple enhances its regulatory status. The potential for XRP utility in regulated environments could uplift business prospects, though no immediate impact on BTC or ETH markets has been noted.
“Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business… under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs,” said Brad Garlinghouse, CEO of Ripple.
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