Ripple has approached a noteworthy milestone in the Asian market as its subsidiary acquired a full Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). Ripple Markets APAC Pte Ltd, Ripple’s Singapore subsidiary’s MPI license, allows it to offer crypto services in the country.
In June, Ripple received in-principle approval of its MPI license application from the Monetary Authority of Singapore (MAS). The license emphasizes the practical use of crypto solutions for businesses and financial institutions, paving the way for greater adoption of digital assets.
In the statement, the CEO of Ripple, Brad Garlinghouse, said, “Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection, and responsible growth.”
According to Ripple’s statement, as 90% of business is conducted outside the United States, the company will continue to focus on the adoption of its cryptocurrency products in the Asia-Pacific region. It also plans to hire 80% of its new employees from countries outside the United States.
In Asia Pacific, the trend of digital cashless transactions is expected to increase by 109% by 2025 and Ripple will continue to focus on this region for the adoption of its global payment solutions.
Ripple joins the list of 14 others, including, Independent Reserve, and Blockchain.com, that have received the same license from MAS.
Also Read: Coinbase Gains MPI License For Crypto Services In Singapore
