Ripple has received approval from the Monetary Authority of Singapore (MAS) to expand scope of its payment activities in the region for its Major Payment Institution (MPI) license held by its subsidiary, Ripple Markets APAC (RMA).
With the initiative, Ripple, as a blockchain-enabled institution with an MPI licence, will expand its regulated payment offerings, providing more value to its customers in the country and remaining committed to transparency and compliance.
Expanding the scope of payment operations
Ripple Payments unifies digital payment tokens (DPTs) and a global network of payouts to offer fast and transparent cross-border payments and on/off ramps for banks, crypto companies, and fintechs globally. With a licensed solution, Ripple simplifies the underlying blockchain and operational complexity so businesses can roll out services faster without taking on the cost and responsibility of infrastructure management.
Ripple Payments users benefit from tools that replace fragmented partners with one provider that simplifies operations by supporting the entire payment flow, including collection, holding, swapping, and payout, all through a single integration. Clients can connect to DPT and choose whether or not to hold the tokens, as Ripple removes the need to rely on additional bank relationships, specialised infrastructure, or direct digital asset management. Using DPTs, such as RLUSD and XRP, the solution settles payments in minutes without the added cost or operational burden of building new infrastructure or maintaining it.
Singapore is a key market for Ripple’s global business as the country is among the first in the APAC region to establish a forward-looking regulatory framework for digital assets. The Asia Pacific leads in global real digital asset usage, with onchain activity up approximately 70% YoY. Ripple believes that Singapore sits at the centre of this, allowing the company to better serve the institutions driving this growth by offering a wide suite of regulated payment services that offer faster and more efficient payments to customers.
