Ripple will also be speaking at the Point Zero Forum in Zurich to discuss the resurgence of innovation in digital assets.
Ripple, a leading company in blockchain and cryptocurrency solutions, has announced that its Singapore subsidiary, Ripple Markets APAC Pte Ltd, has received provisional approval for a Major Payments Institution License from the Monetary Authority of Singapore (MAS). This license allows Ripple to provide regulated digital payment token products and services in Singapore and expand the use of its crypto-enabled On-Demand Liquidity (ODL) service by its customers.
Ripple experienced significant growth in its ODL business globally in 2022, with a major portion of this growth driven by its Singapore operations. Singapore serves as Ripple’s Asia Pacific headquarters, and the majority of global ODL transactions flowed through Singapore in 2022. As a result of this remarkable growth, Ripple has doubled its workforce in Singapore over the past year, focusing on key areas such as business development, compliance, finance, legal, and sales. The company plans to further expand its presence in the rapidly growing region.
Singapore is a prominent global financial center and an important gateway to business in the Asia Pacific region. Ripple’s in-principle license from MAS demonstrates its commitment to the region and its proactive engagement with regulators worldwide. Ripple acknowledges MAS as a global leader in establishing clear regulatory guidelines to recognize the innovation and real-world usefulness of digital assets and their benefits to the global financial system. Ripple looks forward to strengthening its partnership with MAS to drive the growth and development of the digital assets ecosystem in Singapore.
As more countries develop regulatory frameworks for cryptocurrencies, many are looking to Singapore’s early leadership in creating a clear taxonomy and licensing framework. The in-principle regulatory approval from MAS enables Ripple to better support its forward-thinking customers who are interested in utilizing blockchain and crypto technologies to build a more inclusive and borderless financial system.
