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Ripple’s expansion in Singapore
Ripple announced on the 21st that it has obtained a “principle approval license” from the Monetary Authority of Singapore (MAS). This is one of the important procedures for developing business as a major payment institution (MPI).
This time, Ripple Markets APAC Pte Ltd has been licensed to offer regulated digital payment token products and services. The company is the Singapore branch of Ripple’s global business unit.
Ripple said the move is part of its efforts to further promote customer adoption of crypto-enabled payments not only in Singapore, but across the Asia-Pacific region. Ripple CEO Brad Garlinghouse said:
We are very proud to have obtained a Principles Approval License from MAS, which reaffirms our strong commitment to the Singapore region and our continued and proactive collaboration with regulators around the world. .
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The vision of the central bank of Singapore
According to Ripple, in 2022 its payment solutions saw significant growth in customer numbers across the Asia-Pacific region. The staff in the Singapore office has also doubled, working to meet the needs of the region.
MAS (Monetary Authority of Singapore) is a financial institution equivalent to the central bank of Singapore. “License in principle” means the preliminary stage of obtaining a formal license to provide a particular activity or service.
Ripple’s chief legal officer, Stu Aldaroti, stressed that “this approval-in-principle license is an important step for Ripple to launch certain activities.”
Many countries developing regulatory frameworks for cryptocurrencies are taking advantage of Singapore’s pioneering efforts. With this approval from MAS, we will be able to further strengthen our support to our clients who seek to build cross-border financial systems centered on blockchain and crypto-asset technology.
MAS seeks to promote Singapore as a fintech hub and establish an innovative and responsible digital asset ecosystem in Singapore.
As part of this, MAS has so far granted principle approval and licenses to nearly 20 cryptocurrency-related companies. US Circle also announced in early June that it had acquired a major payment institution license in Singapore. As a result, the company is now able to offer remittance services and digital payment token services that enable institutional customers to redeem USD Coin (USDC) in the Singapore market.
The MAS also released a whitepaper on the 21st of March for a common protocol, Purpose Bound Money: PBM (Purpose Bound Money), which can be used for Central Bank Digital Currencies (CBDC), tokenized bank deposits, stablecoins, etc. Only. The PBM protocol was envisioned by MAS in collaboration with the International Monetary Fund (IMF), the Bank of Italy, the Bank of Korea, and other financial institutions and fintech companies.
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