Ripple Gets the Nod from Singapore’s Central Bank
In a landmark move, Ripple has announced its receipt of the full-fledged license to operate as a major payments institution in Singapore. This comes after the initial in-principle approval granted in June.
Details on the License
On October 4th, Ripple clarified that its local entity, Ripple Markets APAC Pte Ltd, has successfully secured the full license from the Monetary Authority of Singapore (MAS). This license empowers Ripple to extend digital payment token services in the region.
Singapore: A Strategic Hub for Ripple
Brad Garlinghouse, the chief of Ripple, spoke warmly of Singapore, recognizing it as a focal point in the fintech and digital assets realm. Since 2017, Singapore has hosted Ripple’s Asia Pacific headquarters. “Singapore has been pivotal to Ripple’s global business,” Garlinghouse acknowledged.
Ripple’s Global Strategy
With the United States housing less than 10% of its business, Ripple’s focus remains keenly international. The Asia Pacific region remains a top priority for the adoption of its crypto-backed products.
Joining the Elite Club
The recent license places Ripple among the privileged 14 entities to have secured the same recognition from MAS. This illustrious list also includes the local divisions of renowned crypto exchanges like Coinbase, Independent Reserve, and Blockchain.com.
A Day of Double Triumph for Ripple
Ripple has more reasons to celebrate. Earlier in the day, a significant development unfolded in the U.S. courts. The judge overseeing the SEC’s lawsuit against Ripple dismissed the regulator’s motion to file an interlocutory appeal, marking another win for the company.
A Bright Future for Ripple in Asia Pacific
The granting of a formal payments license from Singapore’s central bank is a testament to Ripple’s steadfast efforts in establishing its stronghold in the Asia Pacific region. This move not only solidifies Ripple’s position in the ever-evolving digital currency landscape but also reiterates Singapore’s role as a pivotal hub for fintech innovations. With an ever-growing international focus, Ripple’s recent triumphs signify a promising trajectory for its operations outside the U.S., particularly in the Asia Pacific. As the digital asset space continues to grow, industry enthusiasts and stakeholders will undoubtedly be keenly watching Ripple’s next moves on the global stage.
