Ripple expands license with major payment institutions in Singapore... accelerates XRP international remittance business

Source: TokenPost Original Title: Ripple Expands Licenses with Major Payment Institutions in Singapore… Accelerates XRP International Remittance Business Original Link:

The Monetary Authority of Singapore has approved the expansion of the license for Ripple's major payment institution (MPI), thereby expanding the scope of XRP-based international remittance services. Ripple's influence in the Asian market is also expected to strengthen.

Ripple's CEO Monica Long expressed positive reactions regarding the key regulatory achievements in Singapore. The Monetary Authority of Singapore ( MAS ) has expanded the scope of Ripple's 'Major Payment Institution ( MPI )' license, allowing Ripple to provide a broader and more formalized payment service in the region.

With this approval, Ripple can conduct a wider range of payment activities targeting a customer base that includes banks, fintechs, and cryptocurrency companies within Singapore. In particular, with the support for 'end-to-end cross-border payments(', based on virtual assets, it is evaluated that Ripple's core business of international remittance solutions has secured a new growth driver.

CEO Long stated, “Through this expansion of our license, we are now able to extend our license-based payment services to more customers in Singapore,” and added, “We are proudly expanding our business for our growing customer base.”

The extended license approved by MAS allows Ripple to provide services related to digital payment tokens, including XRP, in a more systematic manner. In particular, this move has gained market attention as it strengthens Ripple's presence in the Asia-Pacific ) APAC ( region and lays the foundation to actively respond to the rapidly growing digital asset ecosystem centered around that region.

Ripple is already a company that boasts a high frequency in global remittances, and this expansion of its Singapore license is expected to serve as a positive signal for future cooperation with regulatory authorities in other countries.

Market Interpretation

Singapore is one of the most well-regulated countries in the digital asset space, and the recent expansion of Ripple's license has strategic significance in terms of securing regulatory credibility and market expansion. From the perspective of laying the groundwork for the practical use of XRP, it is also a favorable factor for investor sentiment.

Strategy Points

Ripple's expansion in the Asian market could lead to securing competitiveness in the global remittance market in the future. It is also important to note that a regulatory framework has been established that could substantially increase the payment utility of digital tokens such as XRP and RLUSD.

Terminology

'Major Payment Institution ) MPI (' License: A high-risk payment service provider license granted by the Monetary Authority of Singapore, allowing the provision of highly financial technology-based services such as digital tokens.

'Cross-border payment between endpoints': An international remittance method that is processed directly between the sender and receiver without going through intermediary banks or external payment systems.