Ripple Expands Presence in APAC with Singapore Regulatory Approval

Ripple Obtains Singapore Regulatory Green Light

In a significant move, Ripple Labs has obtained in-principle regulatory approval in Singapore, further solidifying its position in the Asia-Pacific (APAC) region. Singapore has always been at the forefront of digital asset innovation, providing a supportive regulatory environment for industry pioneers.

The Monetary Authority of Singapore (MAS) recently granted Ripple In-Principle Approval for its Major Payments Institution Licence application. This milestone enables Ripple Markets APAC Pte Ltd, the Singapore arm of Ripple's global business, to offer regulated digital payment token products and services within the city-state. It is worth noting that MAS has granted fewer than 20 in-principle approvals and licenses to cryptocurrency companies thus far.

With this approval, Ripple is well-positioned to enhance the adoption of crypto-enabled payments among customers in Singapore and across the APAC region. 

“Singapore is a leading global financial center, and a prominent gateway to business in Asia Pacific. We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally,” said Brad Garlinghouse, CEO of Ripple.

Ripple's payments solution has witnessed remarkable growth in 2022, serving numerous businesses and financial institutions across APAC. Consequently, the Singapore office has experienced a doubling of its workforce to meet the rising demand in the region.

The progressive stance of regulators like MAS in embracing fintech is expected to yield substantial benefits, as it facilitates the support and regulation of emerging technologies. 

Ripple has recognized the potential that Singapore offers since establishing its Asia Pacific headquarters in 2017 and hosting the Swell Global conference in the city two years ago. The in-principle approval signifies an important milestone in Singapore's positive and progressive adoption of digital assets. Ripple is eager to continue its growth and expansion in Singapore and throughout the APAC region.