Ripple Receives Approval for Digital Payment License from MAS
Luisa Crawford Jun 22, 2023 13:56
Ripple, a leading provider of enterprise blockchain and cryptocurrency solutions, has announced a significant milestone for its Singapore subsidiary, Ripple Markets APAC Pte Ltd.
Ripple, a leading provider of enterprise blockchain and cryptocurrency solutions, has announced a significant milestone for its Singapore subsidiary, Ripple Markets APAC Pte Ltd. The company has obtained in-principle approval for the Major Payments Institution License application from the Monetary Authority of Singapore (MAS). This approval will enable Ripple to offer regulated digital payment token products and services within Singapore, while also expanding the adoption of its crypto-enabled On-Demand Liquidity (ODL) service.
In 2022, Ripple's ODL service witnessed remarkable growth globally, with a majority of this expansion driven by its operations in Singapore. Singapore serves as the company's Asia Pacific headquarters, and during that period, a significant portion of global ODL transactions flowed through the city-state. As a result of this exceptional growth trajectory, Ripple has doubled its workforce in Singapore over the past year across various departments including business development, compliance, finance, legal, and sales. The company plans to further increase its presence in the rapidly expanding Asia Pacific region.
Brad Garlinghouse, Chief Executive Officer of Ripple, expressed his pride in receiving the in-principle license from the MAS, highlighting the company's commitment to the region and its ongoing collaboration with global regulators. Garlinghouse acknowledged the MAS as a global leader in establishing clear regulatory guidelines that recognize the innovation and real-world utility of digital assets, emphasizing their benefits to the global financial system. Ripple aims to strengthen its partnership with MAS to collectively drive the growth and development of the digital assets ecosystem in Singapore.
Stu Alderoty, Chief Legal Officer of Ripple, emphasized the significance of Singapore's early leadership in developing a clear regulatory framework for cryptocurrencies. He stated that the in-principle regulatory approval from the MAS will enable Ripple to better support forward-thinking customers seeking to leverage blockchain and crypto technologies in building a more inclusive and borderless financial system.
As part of its ongoing engagement with MAS, Ripple's CEO Brad Garlinghouse will be speaking at the Point Zero Forum in Zurich, Switzerland on June 27, 2023. The event will provide a platform for discussing the resurgence of innovation in digital assets through investment and thoughtful regulation.
Ripple is a prominent player in the enterprise blockchain and crypto solutions industry. The company's solutions are designed to revolutionize how value is moved, managed, and tokenized worldwide. By addressing long-standing inefficiencies, Ripple's business solutions offer speed, transparency, and cost-effectiveness. Through collaboration with partners and the larger developer community, Ripple identifies use cases where crypto technology can inspire new business models and create opportunities for more individuals.
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