Ripple Receives Approval for Digital Payment License from MAS

blockchain.news:

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 (<dfn data-info=«The Monetary Authority of Singapore (MAS) is Singapore» s central bank. the mission of mas is to promote sustained non-inflationary>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