Ripple Labs has received approval from the Monetary Authority of Singapore (MAS) to expand its payment activities locally, while the company is also driving its business and institutional product expansion through acquisitions.
Ripple's Singapore subsidiary, Ripple Markets APAC, has been granted approval by the Monetary Authority of Singapore (MAS) to expand its regulated payment activities under its Major Payment Institution (MPI) license, the company announced on Monday.
Ripple President Monica Long stated in a statement that the company values "Singapore's forward-looking approach," and that "the expanded license will strengthen our ability to continue investing in Singapore and build the infrastructure needed for financial institutions to conduct cross-border remittances efficiently, quickly, and securely."
Ripple's payment system uses digital payment tokens, such as its stablecoin RLUSD and XRP, for cross-border transactions. According to Ripple, the service is designed to act as a channel for deposits and withdrawals, providing support for banks and companies in receiving, holding, exchanging, and making payments.
The company has completed several significant acquisitions this year to expand its business and institutional products, with a recent example being the acquisition of crypto custody and wallet company Palisade on November 4.
Ripple was granted its MPI license in 2023, enabling it to offer regulated digital payment token services in Singapore.
As of Monday, the Monetary Authority of Singapore's official website still lists only digital payment token services under Ripple's license, which "refers to the buying or selling of digital payment tokens, or providing a platform to allow users to exchange digital payment tokens."
Ripple has been operating in Singapore since 2017, and the company claims that the region is "critical" to its global business.
Meanwhile, Fiona Murray, Vice President and Managing Director of Ripple Asia Pacific, stated that the region has also experienced significant growth, with on-chain activity increasing by approximately 70% year-on-year, and Singapore is at the center of this growth.
According to the Global Adoption Index 2025 released by Chainalysis on September 3, the Asia-Pacific region has the highest year-on-year growth rate globally.
The total amount received grew by 69% to $2.36 trillion, led by India, Pakistan, and Vietnam, with the Philippines, South Korea, and Thailand also making it into the top twenty.
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Original article: “Ripple Labs Approved to Expand Payment Business in Singapore”
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