TechFlow news — Ripple announced today, according to CoinDesk, that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. The license will allow Ripple to offer regulated digital payment token products and services in Singapore, further expanding customer access to its on-demand liquidity (ODL) platform—usage of which has grown fivefold year-on-year in the country. Singaporean authorities have issued licenses to 190 major payment institutions, with 11 going to digital payment token firms.
Stu Alderoty, Ripple's Chief Legal Officer, told CoinDesk: "We’re thrilled that Singapore has taken a forward-looking approach to regulating digital assets. Through their licensing framework, they’ve figured out how to create a clear taxonomy for digital assets, balancing the need to protect consumer interests and market integrity while doing so in a way that promotes innovation and investment." Ripple said its Singapore office has increased its full-time headcount by 50% year-over-year, reaching 50 employees covering key functions such as business development, compliance, finance, legal, and sales, to strengthen its presence in the country.
Alderoty explained that hiring more staff is a significant step in Ripple’s expansion within Singapore. "I think they're attracting responsible players," he said. "With this license, we’re joining other companies like Coinbase and Circle—firms that have real businesses, real products, and the ability to comply with regulations."
