Ripple, the United States-based enterprise blockchain and crypto solutions provider, announced Tuesday that its Singapore subsidiary Ripple Markets APAC Pte Ltd has secured its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).

The issuance of Ripple’s MPI license for digital payment tokens (DPTs) follows the MAS’ in-principle approval of its license application in June 2023, Ripple said in a statement.

Ripple opined that Singapore is one of the earliest leaders globally in establishing a flexible and forward-looking regulatory framework for DPTs through the Payment Services Act, and as a result has built one of the most vibrant ecosystems for digital asset innovation.

“Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business,

“We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore,” said Brad Garlinghouse, Chief Executive Officer of Ripple.

Under MAS’ leadership, he said Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.

With the full license, Ripple can continue to provide regulated digital payment token services in Singapore.

It is noted that over 90 percent of Ripple’s business is outside of the United States, and Singapore – and to a larger degree Asia Pacific – is one of its fastest growing regions.

Ripple said the company will continue to prioritize the Asia Pacific region for adoption of its crypto-enabled payments solutions.

It said that from the very beginning, the firm has pursued active dialogue with policymakers and regulators to drive responsible innovation within the digital assets industry.

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