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Ripple gets formal approval for Singapore payments license

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Ripple said it received its fully-fledged digital payment tokens license from the Monetary Authority of Singapore.

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Ripple gets formal approval for Singapore payments license

Ripple said it has received the full-fledged license to operate as a major payments institution from Singapore’s central bank, allowing it to continue operations in the country after receiving in-principle approval in June.

In an Oct. 4 statement, the company said its local entity, Ripple Markets APAC Pte Ltd, was granted the full license by the Monetary Authority of Singapore (MAS).

Incredibly proud of team @Ripple – just 4(!) months after we received our in-principle approval from @MAS_sg, we’ve now secured the full Major Payment Institution license for digital payment token services in Singapore. https://t.co/AH1sDUG4UE

— Brad Garlinghouse (@bgarlinghouse) October 4, 2023

Ripple chief Brad Garlinghouse said in the statement that “Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.”

Garlinghouse said Singapore was home to the firms Asia Pacific headquarters since 2017 and the country “has been pivotal to Ripple’s global business.”

Related: Ripple pulls back from Fortress acquisition 20 days after announcement

In its statement, the United States-based Ripple said over 90% of its business is outside of the country and the company will continue to prioritize the Asia Pacific for adoption of its crypto-backed products.

The Singapore license allows Ripple to provide digital payment token services. It joins a list of 14 others given the same license by MAS, including the local arms of crypto exchanges Coinbase, Independent Reserve and Blockchain.com.

It’s the second piece of good news for Ripple in the same day. Earlier, the U.S. judge presiding over the Securities and Exchange Commission’s suit against Ripple rejected the regulator’s motion to file an interlocutory appeal in the case.

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