Ripple Markets APAC has received approval from Singapore's Monetary Authority to broaden its regulated payment activities under its Major Payment Institution license, the company announced Monday.
The expansion allows Ripple's Singapore subsidiary to offer an enhanced suite of payment services in a region experiencing significant crypto adoption growth. Monica Long, Ripple's President, stated the expanded license strengthens the company's ability to invest in Singapore and build infrastructure for financial institutions.
Ripple's Payment Operations
Ripple Payments utilizes digital payment tokens, including stablecoin RLUSD and XRP, for cross-border transactions. The system provides on-ramp and off-ramp functionality supporting collection, holding, swapping, and payouts for banks and companies, according to Ripple's operational framework.
The company received its initial Major Payment Institution license from MAS in 2023. The regulatory approval permitted Ripple to offer digital payment token services including buying, selling, and platform provision for token exchanges in Singapore.
Strategic Acquisitions and Regional Growth
Ripple has pursued multiple acquisitions in 2024 to expand its institutional offerings. The company acquired crypto custody and wallet firm Palisade on Nov. 4, adding to its suite of services for financial institutions seeking to integrate digital assets.
Fiona Murray, Ripple's vice president and managing director for Asia Pacific, noted that on-chain activity in the region increased roughly 70% year-over-year. Singapore sits at the center of that growth, according to Murray's assessment of regional market dynamics.
The Asia-Pacific region recorded the highest year-on-year growth in cryptocurrency adoption, according to Chainalysis' 2024 Global Adoption Index published Sept. 3. Total value received climbed 69% to $2.36 trillion, with India, Pakistan, and Vietnam leading adoption metrics.
The Philippines, South Korea, and Thailand also ranked in the top 20 countries for crypto adoption. Ripple has been operating in Singapore since 2017 and considers the market pivotal to its global payments strategy.