Ripple Labs Expands Payment Activities in Singapore Following Central Bank Approval
According to Cointelegraph, Ripple Labs has secured approval from Singapore's central bank to broaden its payment activities in the region. This development is part of Ripple's strategic efforts to enhance its business and institutional offerings through acquisitions. Ripple Markets APAC, the company's Singapore subsidiary, received authorization from the Monetary Authority of Singapore (MAS) to extend the scope of its regulated payment activities under its Major Payment Institution (MPI) license, as announced by the company on Monday.
Monica Long, Ripple's President, expressed appreciation for Singapore's progressive approach, noting that the expanded license bolsters Ripple's capacity to invest in Singapore and develop the necessary infrastructure for financial institutions to facilitate efficient, rapid, and secure money transfers. Ripple Payments utilizes digital payment tokens, including its stablecoin RLUSD and XRP (XRP), for cross-border transactions. The service is designed to function as an on-ramp and off-ramp, supporting collection, holding, swapping, and payouts for banks and companies, according to Ripple.
The company has made several notable acquisitions this year to expand its business and institutional offerings, with a recent acquisition on Nov. 4 involving crypto custody and wallet company Palisade. Ripple was granted its MPI license in 2023, enabling it to offer regulated digital payment token services in Singapore. As of Monday, the MAS website lists digital payment token services under Ripple's license, which encompasses buying or selling digital payment tokens or providing a platform for users to exchange these tokens.
Ripple has been active in Singapore since 2017, and the company regards the region as crucial to its global operations. Fiona Murray, Ripple's vice president and managing director in the Asia Pacific, highlighted the significant growth in the region, with onchain activity increasing approximately 70% year-over-year, positioning Singapore at the center of this expansion. With the expanded scope of payment activities, Ripple aims to better support the institutions driving this growth by offering a comprehensive suite of regulated payment services, delivering faster and more efficient payments to its customers.
The Asia-Pacific region has experienced the highest year-on-year growth, as reported by Chainalysis' 2025 Global Adoption Index published on Sept. 3. The total value received surged 69% to $2.36 trillion, led by countries such as India, Pakistan, and Vietnam, with the Philippines, South Korea, and Thailand also ranking in the top 20.
