Ripple Secures Major Payment Institution License from Singapore’s MAS

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Ripple Markets APAC Pte Ltd, the Singapore-based subsidiary of global blockchain leader Ripple, has officially been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This significant milestone authorizes Ripple to offer regulated Digital Payment Token (DPT) services across one of Asia’s most advanced fintech ecosystems.

The final approval follows an earlier in-principle approval issued by MAS in June 2023, reinforcing Singapore’s reputation as a forward-thinking jurisdiction in digital asset regulation. Under the Payment Services Act (PSA), Singapore has established a flexible and innovation-friendly framework that supports responsible growth in the digital economy—making it an ideal hub for blockchain companies like Ripple to scale their operations.

Why Singapore Matters for Global Crypto Expansion

Singapore continues to lead the way in creating a balanced regulatory environment that fosters innovation while safeguarding consumers and financial stability. As one of the first countries in the world to implement a comprehensive licensing regime for DPT services, it has attracted major players in the blockchain and cryptocurrency space.

For Ripple, this license represents more than just regulatory compliance—it’s a strategic endorsement of its long-term commitment to the Asia-Pacific (APAC) region, where over 90% of its business operates. Since establishing its APAC headquarters in Singapore in 2017, Ripple has significantly expanded its footprint, doubling its local workforce in the past year alone.

“Since we set up our APAC headquarters in Singapore in 2017, the country has played a pivotal role in Ripple’s global operations,” said Brad Garlinghouse, CEO of Ripple. “We’ve hired top-tier talent and local leadership, and we plan to continue expanding in progressive jurisdictions like Singapore. Under MAS’s leadership, Singapore has become one of the leading fintech and digital asset hubs globally, striking the right balance between innovation, consumer protection, and responsible growth.”

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Expanding Regulated Digital Asset Services Across APAC

With full MPI status, Ripple is now empowered to legally provide a wide range of regulated crypto payment services, including:

This regulatory clarity allows Ripple to deepen partnerships with financial institutions, payment providers, and enterprise clients across Southeast Asia—a region experiencing rapid adoption of digital currencies and blockchain-based remittance systems.

The APAC region remains a key growth engine for Ripple’s On-Demand Liquidity (ODL) solution, which uses XRP as a bridge currency to enable near-instant, low-cost international payments. By eliminating pre-funded nostro accounts, ODL reduces capital requirements and increases settlement speed—offering tangible benefits for banks and money transfer operators serving high-volume corridors like India, the Philippines, and Thailand.

A Commitment to Responsible Innovation and Regulatory Collaboration

From its inception, Ripple has prioritized proactive engagement with regulators worldwide. The company believes that responsible innovation must go hand-in-hand with clear rules of the road. Its collaboration with MAS reflects this philosophy—working transparently to align business practices with national regulatory standards.

In line with this commitment, Ripple executives are scheduled to speak at two high-profile events later this year:

These platforms will allow Ripple to contribute to policy discussions on digital asset regulation, central bank digital currencies (CBDCs), and the role of blockchain in building more inclusive financial systems.

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Frequently Asked Questions (FAQ)

Q: What is a Major Payment Institution (MPI) license in Singapore?
A: Issued by the Monetary Authority of Singapore (MAS), an MPI license allows firms to provide payment services—including digital payment token transactions—with higher transaction limits and broader operational scope compared to standard payment institutions. It requires strict adherence to anti-money laundering (AML), cybersecurity, and consumer protection regulations.

Q: How does the MAS DPT license benefit Ripple’s business?
A: The license enables Ripple to offer compliant crypto payment solutions in Singapore, strengthening trust with institutional clients and paving the way for expansion across ASEAN markets. It also enhances credibility when engaging with regulated financial partners.

Q: Does this license apply to XRP?
A: While the license does not "approve" XRP as an asset, it permits Ripple to offer services involving digital payment tokens—including XRP—under full regulatory oversight. This means Ripple can legally facilitate DPT transfers and custody services within Singapore.

Q: Is Ripple now fully regulated in Asia?
A: The MAS MPI license covers Ripple’s operations in Singapore. The company continues to pursue similar regulatory clarity in other APAC jurisdictions, including Japan, South Korea, and Australia, where it already maintains active partnerships.

Q: What is On-Demand Liquidity (ODL), and how does it work?
A: ODL is Ripple’s blockchain-based solution that uses XRP as a bridge currency to settle cross-border payments in real time. Instead of pre-funding accounts abroad, institutions convert fiat to XRP and back upon arrival—reducing costs, increasing speed, and improving capital efficiency.

Q: Will Ripple launch new products in Singapore after receiving the license?
A: While specific product launches haven't been announced yet, the license opens doors for expanded offerings such as institutional-grade custody, trading infrastructure, and deeper integration with regional payment networks like PayNow and FAST.

Building a Sustainable Financial Future with Blockchain

Beyond payments, Ripple is committed to advancing a more sustainable and inclusive global economy. Its use of carbon-neutral blockchain technology and promotion of green digital assets like XRP underscore this mission. By reducing reliance on energy-intensive consensus mechanisms, Ripple supports environmental responsibility without sacrificing performance or scalability.

Through ongoing collaboration with regulators like MAS, developers, and financial institutions, Ripple aims to build an open financial system that removes barriers to access—ensuring anyone, anywhere can participate in the global economy.

As regulatory frameworks evolve worldwide, having licenses like the MAS MPI positions Ripple at the forefront of compliant innovation in digital finance.

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This latest development not only strengthens Ripple’s position in Southeast Asia but also sets a precedent for how global crypto firms can successfully operate within well-defined regulatory environments—balancing innovation with accountability.