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Ripple has obtained approval from the Monetary Authority of Singapore (MAS), upgrading its payment license.
On December 1st, news came that Ripple has made new progress in Singapore.
Their Asia-Pacific subsidiary Ripple Markets APAC has just passed the approval of the Monetary Authority of Singapore (commonly known as MAS), allowing them to expand the scope of regulated payment services based on the existing major payment institution license. This is actually quite in line with Ripple's recent strategy—while paving the way through mergers and acquisitions, they are also deepening and refining services aimed at institutions.
Their president Monica Long specifically came out to express that they value Singapore's regulatory approach of “looking forward.” She also mentioned that this license upgrade will give the company more confidence to increase its investment in Singapore, with the goal of providing financial institutions with the infrastructure to make money run “quickly, steadily, and safely.”
In simple terms, Ripple has taken another step in the Southeast Asian market. Singapore has always been a compliance stronghold that many crypto companies compete for, and obtaining recognition from MAS to expand their business will definitely help in attracting institutional clients in the future.