Ripple Gains Regulatory Nod to Expand Payment Services in Singapore

Ripple Receives Green Light to Expand Payment Operations in Singapore

Ripple Labs has received the go-ahead from the Monetary Authority of Singapore (MAS) to expand its payment activities in the region. This development comes as part of a broader strategy to grow the company’s business and enhance its institutional-focused offerings through a series of strategic acquisitions.

The company announced on Monday that its Singapore-based subsidiary, Ripple Markets APAC, has been granted approval by MAS to broaden the scope of its regulated payment activities under its Major Payment Institution (MPI) license.

In a statement, Monica Long, President of Ripple, expressed that the company values “Singapore’s forward-thinking approach,” and emphasized that “the expanded license strengthens our ability to continue investing in Singapore and to build the infrastructure financial institutions need to move money efficiently, quickly, and safely.”

Ripple's Payment System

Ripple Payments leverages digital payment tokens such as its stablecoin RLUSD and XRP (XRP) for cross-border transactions. This system is designed to function as an on-ramp and off-ramp that supports collection, holding, swapping, and payouts for banks and enterprises, according to Ripple.

Ripple has already undertaken several significant acquisitions this year to expand its business and institutional-focused offerings, including the acquisition of crypto custody and wallet company Palisade on November 4.

Singapore as 'Pivotal' to Ripple's Global Business

Ripple received its MPI license in 2023, enabling it to offer regulated digital payment token services in Singapore. As of Monday, the MAS website still primarily lists digital payment token services under Ripple's license, specifically “referring to buying or selling digital payment tokens or providing a platform to allow users to exchange digital payment tokens.”

Ripple has been operating in Singapore since 2017, and the company recognizes the region as “pivotal” to its global operations.

Surge in Crypto Adoption in Asia-Pacific

Fiona Murray, Ripple’s Vice President and Managing Director in the Asia Pacific region, highlighted the substantial growth in the region, with on-chain activity up approximately 70% year-over-year, and Singapore at the “center of that growth.”

“With this expanded scope of payment activities, we can better support the institutions driving that growth by offering a broad suite of regulated payment services, bringing faster, more efficient payments to our customers.”

The Asia-Pacific region recorded the highest year-on-year growth, according to Chainalysis’ 2025 Global Crypto Adoption Index published on September 3.

The total value received surged by 69% to $2.36 trillion, with India, Pakistan, and Vietnam leading the way, and the Philippines, South Korea, and Thailand also ranking among the top 20.