The Monetary Authority of Singapore (MAS) has recently granted Ripple in-principle approval for its major payments institution (MPI) license application.
According to the release, the agency's decision will allow the local division of Ripple Markets APAC Pte Ltd to offer regulated products and services in the field of digital payment tokens.
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The company intends to continue expanding its crypto payments business in Singapore and throughout the Asia Pacific (APAC) region.
According to the statement:
"With customers across APAC, Ripple’s payments solution experienced massive growth in 2022, providing businesses and financial institutions with the ability to streamline their cross-border payments. Internally, Ripple’s operations in the Singapore office strengthened as the number of employees doubled to support growing demand in the region."
Ripple has joined the list of less than 20 pre-approved or licensed MAS licensees.