Ripple's Major Victory in Singapore: What the New License Allows

The Monetary Authority of Singapore (MAS) has broadened Ripple's Major Payment Institution (MPI) license, allowing the company to provide an extensive range of regulated payment services, marking a significant regulatory milestone for its Singapore operations.
Ripple obtained its initial MPI license in 2023, which enabled digital payment token services but limited its end-to-end payment capabilities until the restrictions were lifted with the 2025 expansion.
The new license allows comprehensive cross-border payment processing, regulated services for XRP and RLUSD, liquidity solutions, on/off-ramps, and enterprise-grade settlement tools within Singapore's strict regulatory framework.
With the expanded license, Ripple is well-positioned to meet increasing institutional demand across the Asia-Pacific region, compete in key remittance corridors, provide XRP and RLUSD services, and enhance relationships with regional regulators.

Key Takeaways

The Monetary Authority of Singapore (MAS) has broadened Ripple's Major Payment Institution (MPI) license, allowing the company to provide an extensive range of regulated payment services, marking a significant regulatory milestone for its Singapore operations.
Ripple obtained its initial MPI license in 2023, which enabled digital payment token services but limited its end-to-end payment capabilities until the restrictions were lifted with the 2025 expansion.
The new license allows comprehensive cross-border payment processing, regulated services for XRP and RLUSD, liquidity solutions, on/off-ramps, and enterprise-grade settlement tools within Singapore's strict regulatory framework.
With the expanded license, Ripple is well-positioned to meet increasing institutional demand across the Asia-Pacific region, compete in key remittance corridors, provide XRP and RLUSD services, and enhance relationships with regional regulators.

Ripple has made significant strides in Singapore, thanks to the extension of its Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This expansion enables Ripple to offer a much broader variety of regulated payment services, solidifying its role in the Singaporean market.

For Ripple, which considers Singapore as its primary hub in the Asia-Pacific, this development marks a new era of international growth. In this article, we'll explore how Ripple established its presence in Singapore, the benefits of its newly expanded MPI license, and the ongoing challenges the company faces in the region.

Ripple's Major Victory in Singapore: What the New License Allows

Building a Base in Singapore

In 2023, Ripple’s subsidiary, Ripple Markets APAC, successfully obtained a full MPI license under Singapore’s Payment Services Act (PSA). This license allowed Ripple to deliver digital payment token services while adhering to stringent rules on Anti-Money Laundering (AML), consumer protection, transaction monitoring, and operational resilience.

However, the initial MPI license restricted Ripple to limited digital token activities and did not allow comprehensive end-to-end payment solutions. The 2025 license expansion has now lifted these constraints, allowing for more extensive operations.

Did you know? Singapore was among the first countries to implement cryptocurrency regulations through the PSA in 2019, providing clear guidelines for digital payment tokens while many nations were still debating basic definitions.

Expanded MPI License Details for Ripple in Singapore

The MAS has granted Ripple permission to offer an expanded set of regulated payment services, which include:

Complete end-to-end cross-border payment processing, encompassing the entire transaction flow rather than just token-related elements.
Regulated services involving digital payment tokens, including XRP and Ripple’s stablecoin, RLUSD, covering settlement, liquidity provision, and integration into institutional payment systems.
Scalable solutions for banks, fintech companies, and other cryptocurrency enterprises.
Fiat-to-crypto on-ramps and off-ramps, cross-border remittances, and enterprise-grade settlement tools, all under MAS supervision.

With this expanded license, Ripple can now provide a wider array of compliant services to more clients in one of the most tightly regulated financial markets globally. Ripple's president, Monica Long, has emphasized that this approval is a significant step forward, allowing the company to enhance its licensed services in Singapore for an expanding customer base among banks and fintech companies. She highlighted the unique regulatory environment in Singapore, which fosters innovation compared to the legal uncertainties faced in other regions.

Did you know? The MAS publicly cautions retail investors about the risks of cryptocurrencies, while simultaneously encouraging the development of institutional-grade infrastructure. This approach promotes financial stability and cements Singapore's position as a global blockchain hub.

Importance of Ripple's Extended MPI License in the Asia-Pacific

The Asia-Pacific market is the fastest-growing sector for digital assets worldwide, with Singapore being a key player in financial innovation. The expanded license allows Ripple to:

Address the increasing institutional demand for regulated blockchain-based payment and liquidity solutions.
Compete effectively in high-traffic cross-border remittance markets.
Provide regulated XRP and RLUSD services at scale.
Reinforce its reputation with regulators in neighboring countries, enabling further regional expansion.

Did you know? Singapore was one of the earliest major economies to regulate stablecoins, even releasing comprehensive guidelines regarding reserve backing, redemption rights, and operational safeguards.

Challenges for Ripple in Singapore

Despite the progress achieved, several challenges still remain:

Some allowed activities lack public detailing, necessitating further compliance efforts.
Large institutions require time to assess and integrate new payment systems.
Regulatory variations across countries mean Ripple must secure similar approvals elsewhere for seamless global service.
Market volatility may impact the speed of institutional adoption of XRP-based solutions.

Even with these challenges, Singapore now offers Ripple one of its most robust regulatory frameworks worldwide.

Did you know? Companies that provide digital payment token services in Singapore must conform to strict AML and counter-terrorism financing regulations, which includes comprehensive transaction monitoring, risk assessments, and independent audits.

Strategic Push for Global Digital Payments

For Ripple, the expansion of its MPI license represents a strategic opportunity beyond a mere procedural change. It allows the company to significantly enhance its operations and deliver complete cross-border payment solutions. This authorization facilitates the integration of XRP and RLUSD stablecoins into regulated financial services, enabling Ripple to serve a broader range of clients, from banks to fintech and cryptocurrency firms.

By solidifying its operational foundation in Singapore, Ripple aims to position the country as a central hub for its activities in the Asia-Pacific and global markets. In striving to become a frontrunner in digital payments, this kind of regulatory endorsement is crucial, transforming corporate aspirations into practical operations.

The actual impact of this milestone will become evident through Ripple’s subsequent actions, such as establishing new partnerships, launching payment corridors, and rolling out tokenized payment applications. The extension of the license is poised to influence the digital payment landscape throughout the Asia-Pacific and beyond, reshaping the global financial ecosystem.