Ripple receives approval from the Monetary Authority of Singapore to expand its payment business

ChainCatcher reported that Ripple Labs' Singapore subsidiary, Ripple Markets APAC, has received approval from the Monetary Authority of Singapore (MAS) to expand the scope of its regulated payment activities under its Major Payment Institution (MPI) license.

Ripple entered the Singapore market in 2017, and the region has become a key part of its global business. Company President Monica Long stated that this license expansion will strengthen Ripple's investment capabilities in Singapore and provide financial institutions with a more efficient, faster, and secure infrastructure for fund transfers.