Ripple Markets APAC Pte Ltd., the Singapore subsidiary of San Francisco-based technology firm Ripple Labs, announced Wednesday that it has received a Major Payments Institution license from the Monetary Authority of Singapore (MAS).
See related article: Ripple executive spells out Asia future after license success in Singapore
- The issuance of a Major Payments Institution (MPI) license under Singapore’s Payment Services Act allows Ripple to legally provide digital payment token services in the city-state. The company was granted an in-principle approval for the license in June.
- There are 14 firms with MPI licenses from the MAS, including Circle, Paxos and Blockchain.com. Ripple is the second U.S.-based firm to receive the nod from Singapore’s central bank this week, as Coinbase, the largest U.S. exchange announced its license approval on Monday.
- “Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business,” Brad Garlinghouse, chief executive officer of Ripple, said in a statement.
- Ripple said over 90% of its business is outside of the U.S. and the Asia Pacific is one of its fastest-growing regions.
See related article: U.S. SEC moves to appeal Ripple court decision
