Ripple Labs Secures Approval to Broaden Payment Activities in Singapore

Ripple Labs has received approval from the central bank of Singapore to expand its payment operations in the region. This development comes as part of Ripple's ongoing efforts to grow its business and enhance its offerings aimed at institutional clients through strategic acquisitions.

Key Takeaways

Ripple Labs has gained approval from Singapore's Monetary Authority to extend its regulated payment services.
Ripple Markets APAC can now offer a broader range of payment services under its Major Payment Institution (MPI) license.
The company is focused on providing efficient cross-border transactions using digital tokens like RLUSD and XRP.
Ripple has made significant acquisitions, including that of Palisade for crypto custody services.
The growth of the cryptocurrency scene in the Asia Pacific is noteworthy, with a 70% year-on-year increase in on-chain activity.

Ripple’s Singaporean branch, Ripple Markets APAC, has been authorized by the Monetary Authority of Singapore (MAS) to enhance its regulated payment services under the recently issued Major Payment Institution (MPI) license. This announcement was made on Monday, highlighting Ripple's commitment to expanding its presence in Singapore.

Monica Long, President of Ripple, expressed that the company appreciates “Singapore’s forward-thinking approach,” which will help bolster their ability to invest in the region and develop the necessary infrastructure for financial institutions to move money swiftly and securely.

Ripple’s payment system utilizes digital tokens, including its stablecoin RLUSD and XRP, to facilitate cross-border transactions. According to the company, this system acts as an on-ramp and off-ramp, supporting banks and businesses in collecting, holding, swapping, and making payouts.

Source: Ripple

This year, Ripple has engaged in several noteworthy acquisitions to enhance its business and focus on institutional clients. A significant move occurred on November 4, when the company acquired Palisade, a firm specializing in crypto custody and wallet services.

Ripple Labs gets nod to expand payment activities in Singapore

Singapore's Role in Ripple's Global Strategy

In 2023, Ripple was granted its MPI license, allowing it to provide regulated services involving digital payment tokens in Singapore. As of Monday, the MAS website continues to list only digital payment token services under Ripple’s authorization, specifically noting services related to the buying and selling of digital tokens and exchanges for these tokens.

Related: Singapore’s 'finance-savvy' crypto retail prefers trust over low fees: Survey

Ripple has been operational in Singapore since 2017, and the company regards the city-state as “pivotal” to its global operations.

Growth of Cryptocurrency in the Asia Pacific

Fiona Murray, Ripple’s vice president and managing director for Asia Pacific, has noted significant growth in the region, with on-chain activity experiencing an approximate 70% year-over-year increase, with Singapore positioned “at the heart of that growth.”

According to Chainalysis’ 2025 Global Adoption Index published on September 3, the Asia Pacific region recorded the most substantial annual growth. Total transaction values surged by 69% to reach $2.36 trillion, primarily driven by India, Pakistan, and Vietnam, with the Philippines, South Korea, and Thailand also making it to the top 20.

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