Ripple Cements Singapore Presence with MPI License

<p dir="ltr">Ripple, a San Fransisco-based blockchain company, has cemented its position in Southeast Asia by securing a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).</p><p dir="ltr">Ripple Gains a New License in Singapore</p><p dir="ltr">Announced today (Wednesday), the license has been granted to the local subsidiary of the US-headquartered company, Ripple Markets APAC Pte Ltd. Earlier in June, Ripple received an in-principle approval from the Singapore regulator for the MPI license.</p><p dir="ltr">“Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business,” said Brad Garlinghouse, the Chief Executive Officer of <a href="https://www.financemagnates.com/terms/r/ripple/">Ripple</a>. “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.”</p><p dir="ltr">Meanwhile, Ripple came out victorious in its legal battle against the US securities regulator over the status of its token, XRP. The company further <a href="https://www.financemagnates.com/cryptocurrency/ripple-abandons-fortress-trust-acquisition-chooses-to-retain-investment-stake/">backed out from its plan to acquire Fortress Trust</a>, a subsidiary of Fortress Blockchain Technologies that offers wallet and payment services.</p><p dir="ltr">Singapore – A Crypto Hub in Asia</p><p dir="ltr"><a href="https://www.financemagnates.com/tag/singapore/">Singapore</a>, with its clear rules around digital currencies, has become a preserved jurisdiction for crypto companies. The positioning of Singapore makes it ideal for companies looking to expand their services in the broader and lucrative Southeast Asia region.</p><p dir="ltr">“Under MAS’ leadership, Singapore has developed into one of the leading <a href="https://www.financemagnates.com/terms/f/fintech/">fintech</a> and digital asset hubs, striking the balance between innovation, consumer protection, and responsible growth,” Garlinghouse added.</p><p dir="ltr">Recently, <a href="https://www.financemagnates.com/cryptocurrency/a-vital-market-coinbase-obtains-singapore-license/">Coinbase</a>, a cryptocurrency exchange, and <a href="https://www.financemagnates.com/cryptocurrency/sygnum-singapore-gains-full-license-for-crypto-brokerage-services/">Sygnum</a>, a Swiss crypto bank, both received MPI licenses to offer regulated services in Singapore. Similar to Ripple, both these companies received in-principal approval before acquiring the full license. Other companies that secured this license include Payoneer, Blockchain.com, and TerraPay.</p><p dir="ltr">Apart from blockchain-based services, Singapore is seen as a critical market for other financial services as well. Recently, London-headquartered brokerage CMC launched its spinoff share trading services, called <a href="https://www.financemagnates.com/forex/cmc-invest-the-stock-trading-platform-is-live-in-singapore/">CMC Invest</a>, in Singapore. The service was launched last October and is available in the United Kingdom and Australia.</p>

This article was written by Arnab Shome at www.financemagnates.com.