Singapore, known for its forward-thinking approach to digital innovation, has once again solidified its position as a leading hub for digital assets. The Monetary Authority of Singapore (MAS) has recently granted Ripple In-Principle Approval for its Major Payments Institution License application.
This significant milestone allows Ripple Markets APAC Pte Ltd, the Singapore arm of Ripple’s global business, to offer regulated digital payment token products and services in the city-state. With fewer than 20 in-principle approvals and licenses granted to crypto companies by the MAS to date, Ripple’s approval sets the stage for the further expansion of crypto-enabled payments in Singapore and the Asia Pacific (APAC) region.
The approval from MAS, the country’s central bank and financial regulatory authority, underscores Singapore’s commitment to fostering innovation while maintaining a robust regulatory framework. Singapore’s reputation as a leading global financial center and a gateway to business in the APAC region is further cemented by this development. Ripple’s CEO, Brad Garlinghouse, expressed his pride in receiving the in-principle license, emphasizing the company’s dedication to the region and collaborative engagement with regulators worldwide.
Ripple’s payments solution has witnessed remarkable growth in the APAC region, catering to a diverse customer base. Throughout 2022, businesses and financial institutions in the region have benefited from Ripple’s streamlined cross-border payment capabilities. Recognizing the increasing presence of fintech in the region, progressive regulators like MAS are well-positioned to reap the rewards of supporting new technologies while shaping future global regulations.
Stu Alderoty, Ripple’s Chief Legal Officer, highlighted Singapore’s pivotal role in developing clear regulatory frameworks for the cryptocurrency industry. As more countries seek guidance in navigating the regulatory landscape, Singapore’s early leadership in establishing a clear taxonomy and licensing framework for crypto is seen as exemplary. Ripple’s in-principle regulatory approval from MAS enables the company to better assist forward-thinking customers interested in harnessing blockchain and crypto technologies to create a more inclusive and borderless financial system.
Ripple’s strategic focus on Singapore is not new. The company recognized the potential of the city-state and established its Asia Pacific headquarters in 2017. In addition, Ripple held its annual Swell Global conference in Singapore just two years ago, underscoring the country’s significance in the digital asset space. The recent in-principle approval marks a pivotal moment in Singapore’s journey toward adopting digital assets and reflects Ripple’s commitment to further growth and expansion in Singapore and the APAC region.