Ripple, a San Fransisco-based blockchain company, has cemented its position in Southeast Asia by securing a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).

Ripple Gains a New License in Singapore

Announced today (Wednesday), the license has been granted to the local subsidiary of the US-headquartered company, Ripple Markets APAC Pte Ltd. Earlier in June, Ripple received an in-principle approval from the Singapore regulator for the MPI license.

“Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business,” said Brad Garlinghouse, the Chief Executive Officer of Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Read this Term. “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.”

Meanwhile, Ripple came out victorious in its legal battle against the US securities regulator over the status of its token, XRP. The company further backed out from its plan to acquire Fortress Trust, a subsidiary of Fortress Blockchain Technologies that offers wallet and payment services.

Singapore – A Crypto Hub in Asia

Singapore, with its clear rules around digital currencies, has become a preserved jurisdiction for crypto companies. The positioning of Singapore makes it ideal for companies looking to expand their services in the broader and lucrative Southeast Asia region.

“Under MAS’ leadership, Singapore has developed into one of the leading fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term and digital asset hubs, striking the balance between innovation, consumer protection, and responsible growth,” Garlinghouse added.

Recently, Coinbase, a cryptocurrency exchange, and Sygnum, a Swiss crypto bank, both received MPI licenses to offer regulated services in Singapore. Similar to Ripple, both these companies received in-principal approval before acquiring the full license. Other companies that secured this license include Payoneer, Blockchain.com, and TerraPay.

Apart from blockchain-based services, Singapore is seen as a critical market for other financial services as well. Recently, London-headquartered brokerage CMC launched its spinoff share trading services, called CMC Invest, in Singapore. The service was launched last October and is available in the United Kingdom and Australia.