San Francisco-based fintech company Ripple, known for its involvement in blockchain-based payment solutions, has received approval in principle in Singapore for a large payment institution license.
The green light comes from the Monetary Authority of Singapore (MAS), paving the way for Ripple to offer digital payment services in the region.
Singapore’s progressive stance on digital innovation has manifested in a significant milestone for blockchain payments firm Ripple.
The San Francisco-based company recently received in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore (MAS). This landmark approval will allow Ripple to operate legally in Singapore, a critical hub for fintech innovation in Asia.
At the core of Ripple’s offerings is its On-Demand Liquidity (ODL) service, which utilizes the digital asset XRP to enable instant, low-cost international money transfers. The approval signals a promising step forward for Ripple’s ODL service, as it can now expand its footprint and capabilities in Singapore and beyond.
The achievement arrives amidst Ripple’s ongoing legal battles in the United States with the Securities and Exchange Commission (SEC), concerning the classification of XRP as a security.
Despite these challenges, Ripple has remained committed to its mission of advancing its financial technology solutions across the globe.
Ripple’s in-principle approval in Singapore is a testament to the country’s forward-thinking regulatory environment and the growing acceptance of digital payment platforms.
The advancement is also reflective of the continued maturation and adoption of blockchain technology in the global financial landscape.
As Ripple prepares to launch its operations in Singapore, the move is expected to bring new opportunities for the company, especially in terms of enhancing its ODL service and fostering a more inclusive and efficient global financial system.
Also Read: How Ripple is Shaping The Cross-Border Transactions in Banking
