Ripple Secures In-Principle Payments License in Singapore

Ripple has obtained in-principle approval for a Major Payments Institution License from the Monetary Authority of Singapore, allowing its Singapore branch to offer regulated digital payment token products and services and further scale its customers' use of its crypto-enabled On-Demand Liquidity platform. Ripple's Singapore office saw a 50% YoY increase in headcount, hiring across key functions such as business development, compliance, finance, legal, and sales as it ramps up its presence in the country. MAS has approved 190 Major Payment Institution licenses and 11 Digital Payment Token Service licenses so far.