RIPPLE GETS GREEN LIGHT IN SINGAPORE FOR WIDER REGULATED PAYMENT SERVICES

Ripple Labs has secured regulatory approval from Singapore’s central bank to broaden its payments business, reinforcing the company’s efforts to strengthen its institutional presence across the Asia-Pacific region.

The firm announced on Monday that its local arm, Ripple Markets APAC, has been authorized by the Monetary Authority of Singapore under its Major Payment Institution (MPI) license to expand its regulated payment activities.

Ripple President: Singapore Approval Paves Way for Bigger Investment and Growth

This approval allows Ripple to offer a wider range of services to banks and corporate clients in Singapore’s closely monitored financial market, enhancing its ability to operate and grow in the region.

Ripple President Monica Long highlighted the company’s appreciation for Singapore’s clear regulatory framework, calling the broader license a foundation for further investment in the region.

She explained that the approval will help Ripple build infrastructure for financial institutions seeking faster, more secure cross-border payments. Central to these services is Ripple Payments, which connects clients to on- and off-ramps for collections, custody, currency conversion, and payouts. Using digital payment tokens like RLUSD and XRP, the system aims to reduce fees and processing times for corporate users moving money internationally.

Singapore has been a key part of Ripple’s strategy since 2017. The firm first obtained its Major Payment Institution (MPI) license in 2023, enabling it to provide regulated digital token services. While token-related activities remain under the MAS registry, the latest approval significantly broadens Ripple’s operating scope, allowing the company to offer a wider range of institutional services.

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This regulatory milestone comes alongside Ripple’s strategic acquisition efforts. In early November, the company acquired Palisade, a wallet and custodian provider, as part of a plan to bundle custody with payments and liquidity solutions for enterprise clients.

Regional growth has been a major focus. Fiona Murray, Ripple Asia-Pacific head, noted that on-chain activity in the region has increased by approximately 70% year-over-year, with Singapore at the “center of that growth.” She added that the expanded permissions will allow Ripple to provide regulated services directly to the institutions driving this growth.

Ripple’s RLUSD Stablecoin Gets Regulatory Approval in Abu Dhabi

Ripple’s dollar-backed stablecoin, RLUSD, has received regulatory clearance for institutional use in Abu Dhabi after being recognized as an accepted fiat-referenced token by local authorities.

The approval allows licensed firms operating within the Abu Dhabi Global Market (ADGM) to use RLUSD for regulated financial activities inside the free-zone financial center. The green light was granted by the Financial Services Regulatory Authority (FSRA), which oversees ADGM, under rules that require firms to maintain proper reserves, ensure transparency, and comply with regulatory standards.

This milestone strengthens Ripple’s expansion in the UAE. In recent months, the company has secured approvals in both Dubai and Abu Dhabi and onboarded partners including Zand Bank and Mamo.

Ripple is also exploring the possibility of introducing staking on the XRP Ledger (XRPL), a step that could further integrate the decade-old blockchain into the fast-growing decentralized finance (DeFi) ecosystem.

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Q: What recent approval did Ripple receive in Singapore?
A: Ripple’s local unit, Ripple Markets APAC, got approval from the Monetary Authority of Singapore to expand its regulated payment services under the MPI license.

Q: How will the Singapore approval benefit Ripple?
A: It allows Ripple to offer a wider range of services to banks and corporates and strengthens its institutional presence in the Asia-Pacific region.

Q: What services are central to Ripple Payments?
A: Ripple Payments connects clients to on- and off-ramps for collections, custody, currency conversion, and payouts using RLUSD and XRP.

Q: What recent regulatory milestone did Ripple achieve in Abu Dhabi?
A: Ripple’s dollar-backed stablecoin RLUSD was approved for institutional use in Abu Dhabi and recognized as an Accepted Fiat-Referenced Token by the FSRA.

Q: What future plans does Ripple have for the XRP Ledger?
A: Ripple is exploring staking on the XRP Ledger to further integrate it into the decentralized finance (DeFi) ecosystem.