Ripple, a blockchain payments company, has cemented its Asia-Pacific presence with an In-Principle Approval of the Major Payments Institution License application from the Monetary Authority of Singapore (MAS). The approval was granted to the San Fransisco-headquartered firm’s Singapore subsidiary, which is its Asia-Pacific headquarter.

Ripple Inches Closer to a Singapore License

Announced today (Thursday), the new approval will allow Ripple to offer regulated digital payment token products and services within Singapore. The company can also expand customer usage of its On-Demand Liquidity (ODL) service.

“Singapore is a leading global financial center, and a prominent gateway to business in Asia Pacific. We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally,” said Ripple’s CEO, Brad Garlinghouse.

“The MAS continues to be a global leader in establishing clear rules of the road to recognise the innovation and real-world utility of digital assets, and its benefits to the global financial system. We look forward to strengthening this partnership to collectively propel the growth and development of the digital assets ecosystem in Singapore.”

The Next Crypto Hub

Ripple is among many crypto and blockchain firms that have shown interest in Singapore. The city-state has clear rules for crypto companies and is becoming a hub for the industry in the region.

Recently, crypto bank Sygnum also received similar in-principal approval from MAS. The companies that have already received the Singapore payments license are Coinbase, Blockchain.com, Circle, and Paxos.

“As more countries develop regulatory frameworks for crypto, many are looking to Singapore’s early leadership in developing a clear taxonomy and licensing framework,” said Stu Alderoty, Ripple’s Chief Legal Officer.

“This in-principle regulatory approval from the MAS will enable us to better support our forward-looking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system.”