After gaining in-principle approval for its Major Payments Institution Licence application from the Monetary Authority of Singapore (MAS), Ripple Labs’ Asia-Pacific division said Thursday that it would begin delivering digital payment services in Singapore.
With this licence, Ripple Markets APAC Pte will be authorised to provide its digital payment token products and services inside Singapore’s legal framework.
In addition, the firm may reach more customers using its On-Demand Liquidity (ODL) service, which uses the XRP cryptocurrency to enable international payments.
Many other nations follow Singapore’s precise taxonomy and licencing structure for cryptocurrencies as they try to establish their own. In a declaration, the company’s chief legal officer, Stu Alderoty, said, “This in-principle authorization from the MAS will allow us to help better our customers who want to use blockchain and crypto technologies in developing a more inclusive and borderless financial system.”
Singapore, Ripple’s Asia Pacific headquarters, was a significant hub for the company’s worldwide ODL transactions last year. Ripple has successfully doubled its regional employees in the last year.
In May, Ripple launched a payment platform in partnership with Fubon Bank, a Hong Kong branch of Taiwan’s Fubon Financial Holding Co., to investigate potential applications for the e-HKD, Hong Kong’s central bank’s digital currency.
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in an American court, accusing the company of selling US$1.3 billion in unregistered securities.
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