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).
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, Chief Executive Officer of Ripple . “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,”
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 also 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
