On Wednesday, Ripple Markets APAC Pte Ltd announced that its Singapore subsidiary has successfully obtained a payments license from the Monetary Authority of Singapore (MAS) to operate in the city-state without transaction thresholds.

This license represents a significant milestone for Ripple, allowing it to provide regulated digital payment token services in the city-state.

MAS Approves Ripple’s License for DPT Services

Ripple’s journey towards obtaining this license began earlier this year when it received in-principle approval for its Major Payments Institution (MPI) license application from MAS. Four months later, the company received full approval, securing the Major Payment Institution license for digital payment token services in Singapore.

Incredibly proud of team @Ripple – just 4(!) months after we received our in-principle approval from @MAS_sg, we’ve now secured the full Major Payment Institution license for digital payment token services in Singapore. https://t.co/AH1sDUG4UE

— Brad Garlinghouse (@bgarlinghouse) October 4, 2023

In an Oct. 4 statement, Brad Garlinghouse, Chief Executive Officer of Ripple, expressed his enthusiasm for the regulatory clarity and support the company has found in Singapore, stating,

“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.”

The permit issued by Singapore marks a win for Ripple and enables it to offer services related t