Ripple Acquires Major Payments Institution License from Singapore's Central Bank
Summary:
Ripple has obtained a major payments institution license from Singapore's central bank, the Monetary Authority of Singapore (MAS). This license, granted to Ripple's local branch, Ripple Markets APAC Pte Ltd, allows the firm to provide digital payment token services in Singapore. Ripple's CEO Brad Garlinghouse highlighted the significance of Singapore for its global business and the country's role as a major fintech and digital asset hub. Ripple joins 14 other organizations, including Coinbase, Independent Reserve, and Blockchain.com, with a similar MAS license.
Singapore's central bank, the Monetary Authority of Singapore (MAS), has issued a significant payments institution license to Ripple. This authorization allows the company to maintain its operations in the region following a provisional endorsement in June. On October 4, Ripple stated in a blog post that its local entity, Ripple Markets APAC Pte Ltd, had been fully licensed by the MAS. In an official statement, Ripple announced its complete licensing to offer digital payment token services in Singapore by the MAS, reiterating its commitment to provide practical cryptocurrency solutions for businesses in the Asia Pacific region.
Brad Garlinghouse, the CEO of Ripple, noted in his comments that Singapore has transformed into a crucial hub for fintech and digital assets, establishing a balance between innovation, consumer safety, and sustainable growth. He highlighted that Singapore has served as the base for the company's Asia Pacific headquarters since 2017 and has played a critical role in Ripple's international business.
This new license enables Ripple to offer digital payment token services, making it one of 15 entities, including the local branches of cryptocurrency exchanges Coinbase, Independent Reserve and Blockchain.com, to receive a similar license from the MAS.
Published At
10/4/2023 2:43:37 AM
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