Financial technology firm Ripple today announced a major milestone for its Singapore-based subsidiary, Ripple Markets APAC. Notably, Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), gave the green light to the expanded scope of payment activities for the offshoot.
Ripple Markets APAC scores major regulatory win
Ripple’s Singapore scion, Ripple Markets APAC’s Major Payment Institution (MPI) license, has received an expanded scope of payment activities approval from the MAS. As a result, Ripple Markets APAC can now provide enhanced payment offerings to Singapore customers.
Ripple is one of the handful of blockchain-based startups in the world holding the coveted MPI license. With today’s development, the firm will now be able to provide financial institutions in the country with better end-to-end payment services.
Commenting on the development, Monica Long, President of Ripple, remarked that they “deeply value Singapore’s forward-looking approach.” Long added that the expanded license enables the development of the infrastructure that financial institutions will require to move money more efficiently.
To explain, Ripple Payments brings together digital payment tokens (DPTs) and a global payout network. The combination helps execute reliable cross-border payments and on/off ramps for digital asset firms, banks, and financial companies around the world.
The announcement emphasizes two key benefits of Ripple Payments. First, it leverages DPTs such as Ripple’s US-pegged stablecoin RLUSD and their native coin, XRP, to settle international payment instantaneously without any maintenance cost.
Further, it brings a unified onboarding experience for its clients, which supports the entire payment flow – ranging from collection, holding, swapping, and payout – through a single integration.
The Asia-Pacific region leads in blockchain adoption
Fiona Murray, Ripple Vice President and Managing Director, Asia Pacific, noted that the Asia Pacific region is the global leader when it comes to digital asset usage, recording a year-over-year increase in activity of 70%.
Digital assets adoption is picking up momentum in the Asia region, with a significant portion of wealthy investors embracing the emerging asset class. Recently, the financial watchdog of Japan also announced plans to launch a stablecoin, in collaboration with the country’s three largest banking groups.
