Ripple Labs gets nod to expand payment activities in Singapore
Ripple's Singapore subsidiary received approval from MAS to expand its regulated payment activities under its Major Payment Institution license.Summary
Ripple Markets APAC, the Singapore subsidiary of Ripple Labs, has secured approval from the Monetary Authority of Singapore (MAS) to broaden the scope of its regulated payment activities under its existing Major Payment Institution (MPI) license. Ripple stated that this expansion strengthens its ability to invest in Singapore and build infrastructure for financial institutions to move money efficiently. Ripple's payment system utilizes digital payment tokens like its stablecoin RLUSD and XRP for cross-border transactions. Singapore has been a key operational hub for Ripple since 2017, and the company views the Asia Pacific region, centered around Singapore, as crucial due to significant growth in on-chain activity, which has surged approximately 70% year-over-year.
(Source：Cointelegraph)