Ripple has secured a Major Payment Institution license from the Monetary Authority Singapore (MAS), solidifying its status as a digital payment service provider in Singapore.

Ripple is now a full-fledged digital payment service provider in the country. This was confirmed on Wednesday, Oct. 4. This is a strategic move for the crypto exchange because it will also expand its presence in the Asia Pacific region.

Providing Crypto Services in Asia Pacific

Ripple finally got the approval from MAS after almost four months since the in-principle was handed to the company in June. According to CNBC, now that it has its full license, the crypto firm will continue providing regulated crypto payment services in SG.

It said it will push on with its resolve of prioritizing this country for adoption of its crypto payment services. Previously, Ripple’s president, Monica Long, told the publication via interview that their Singapore office’s headcount has more than doubled in the past year. She explained that this happened because their business in the Asia-Pacific has really boomed.

“Over 90% of Ripple’s business is outside of the U.S., and Singapore - and to a larger degree Asia Pacific - is one of its fastest-growing regions,” Ripple said in a separate statement.

Establishment of Its Services in Singapore

CoinTelegraph reported that Ripple had joined 14 other crypto firms that have earned the same licenses from the MAS. A number of major names in the crypto sector are also providing digital payments in the territory now.

Earlier this week, Coinbase also announced that Singapore’s central bank approved it for an MPI license. However, it took longer for the company to obtain this license as it has been a year since it acquired the in-principle approval, while Ripple managed to be approved in just a few months.

“Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business. We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore,” Ripple’s chief executive officer, Brad Garlinghouse, said in a press release. “Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.”

Photo by: Ripple Press Release