Ripple, a financial technology company providing crypto solutions for businesses, announced that the Monetary Authority of Singapore (MAS) has approved an “expanded scope” of payment activities for the Major Payment Institution (MPI) license held by its Singapore subsidiary, Ripple Markets APAC Pte. Ltd. (RMA).
With this approval, Ripple can broaden its “regulated” payment offerings and deliver value to customers currently residing in Singapore.
As one of the blockchain-enabled institutions with an MPI license, Ripple continues to reinforce its “commitment to compliance, transparency, and strong regulatory partnership.”
Monica Long, Ripple President has said that MAS has set a new standard for regulatory clarity in digital assets, and they “value Singapore’s forward-thinking approach,”
Long added that Ripple has always taken a “regulation-first approach and Singapore is proof that innovation thrives when rules are clear.”
They also mentioned that this expanded license strengthens their ability to continue investing in Singapore and “to build the infrastructure FIs need to move money.”
Ripple Payments combines digital payment tokens and a payout network to deliver cross-border payments and on/off ramps for banks, crypto companies, and fintechs across the globe.
With a licensed, end-to-end solution, Ripple handles the underlying blockchain and operational complexity so businesses can “launch digital payment services quickly, without taking on the burden of infrastructure management.”
Key features of Ripple Payments are as follows:
- Payments Solution: Using DPTs, such as RLUSD and XRP, to settle payments in a matter of minutes without the cost or operational burden of infrastructure buildout or maintenance.
- Onboarding: Replace fragmented partners with one trusted provider. Ripple streamlines operations by supporting the entire payment flow – collection, holding, swapping, and payout – through a single integration.
- Digital Asset Access: Connect to DPT seamlessly and choose whether or not to hold DPT. Ripple eliminates the need for additional bank relationships, specialized infrastructure, or direct digital asset management.
Fiona Murray, Ripple Vice President & Managing Director, Asia Pacific. said that the Asia Pacific region leads the world in real digital asset usage, with on-chain activity up “roughly 70% year-over-year.”
Singapore sits at the “center of that growth.”
Murray also stated that with this expanded scope of payment activities, we can better support the institutions “driving that growth by offering a suite of payment services, bringing efficient payments to customers.”
Singapore has been pivotal to Ripple’s global business “since the company established its Asia Pacific headquarters there in 2017.”
The MAS is considered to be a key player in establishing regulatory frameworks for digital assets, creating an environment for FIs and Singapore was one of the earliest participants globally in “establishing a regulatory framework for digital assets.”
As noted in the update, Ripple is a financial technology company that offers crypto solutions for businesses.
Ripple Payments uses blockchain in order to make cross-border payments widely accessible.
Ripple Custody offers customers a way to store and manage digital assets.
Via Ripple Prime, the Fintech firm offers a global, multi-asset prime brokerage for institutional clients.
Ripple’s stablecoin (RLUSD) and the cryptocurrency, XRP, are leveraged across these solutions on order “to make traditional finance more efficient and enable new ways to utilize digital assets.”