Ripple announces that its Singapore subsidiary, Ripple Markets APAC, has secured its full MPI license to provide digital payment token services in Singapore.
This license underscores the real-world utility of crypto solutions for businesses and financial institutions alike, marking an important step towards wider adoption of digital assets. Singapore is known as a prominent country in pioneering digital asset regulation, making it an ideal location for businesses and financial institutions to harness the power of crypto for cross-border payments, crypto liquidity, and central bank digital currencies.
Officials from Ripple said that since establishing Singapore as their Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business. They have doubled their headcount since 2022 and plan to continue growing their presence in a progressive jurisdiction like Singapore. Under MAS’ leadership, Singapore has developed into one of the main fintech and digital asset hubs, striking the balance between innovation, consumer protection, and responsible growth.
Historically, Singapore has experienced staggering periods of transformation by leaning into technology to support economic growth, invite new investments, and even streamline government services. In 2022, Singapore secured the number four spot on the IMD World Digital Competitiveness Ranking which measures a country’s ability to adopt new technologies, as per the press release.
Regulatory clarity is a major contributor to Singapore’s success, proving pivotal to ensuring security and trust for businesses and institutions to explore crypto solutions. While some countries are pumping the brakes on crypto innovation, Singapore is staying ahead of the curve by future-proofing for the inevitable.
Global finance leaders agree that digital assets are here to stay. 90% believe blockchain and digital assets will have a significant or massive impact on business, finance, and society in the next three years, and almost half of Asia Pacific finance leaders plan to use crypto for cross-border payments, says Ripple.
In general, payments across Asia Pacific will continue to trend increasingly digital — cashless transaction volume is set to increase 109% by 2025 — and Ripple will continue to prioritise this region for adoption of its global payments solutions.
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