Ripple Labs gets nod to expand payment activities in Singapore

Ripple Labs has received approval from Singapore’s central bank to expand its payment activities in the region, amid a broader push to grow its business and institutional-focused offerings through acquisitions.

Ripple’s Singapore subsidiary, Ripple Markets APAC, has been approved by the Monetary Authority of Singapore (MAS) to expand the scope of its regulated payment activities under its Major Payment Institution (MPI) license, the company said on Monday.

Monica Long, Ripple’s President, said in a statement that the company values “Singapore’s forward-thinking approach,” and the “expanded license strengthens our ability to continue investing in Singapore and to build the infrastructure financial institutions need to move money efficiently, quickly, and safely.”

Ripple Payments’ system uses digital payment tokens such as its stablecoin RLUSD and XRP (XRP) for cross-border transactions. The service was created to act as an on-ramp and off-ramp that supports collection, holding, swapping and payouts for banks and companies, according to Ripple. 

The company has already made several significant acquisitions this year to expand its business and institutional-focused offerings, with one of the more recent instances on Nov. 4, when it acquired crypto custody and wallet company Palisade.

Singapore “pivotal” to Ripple’s global business

Ripple was approved for its MPI license in 2023, which allowed it to offer regulated digital payment token services in Singapore. 

As of Monday, the MAS website still only lists digital payment token services under Ripple’s license, which “refers to buying or selling digital payment tokens or providing a platform to allow users to exchange digital payment tokens.”

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

Ripple has been operating in Singapore since 2017, and the company said the area is “pivotal” to its global business.

Crypto use in the Asia Pacific region surges 

Meanwhile, Fiona Murray, Ripple’s vice president and managing director in the Asia Pacific, said the region has also been experiencing huge growth, with onchain activity up roughly 70% year-over-year in the area, and Singapore sitting “at the center of that growth.”