Ripple’s Singapore branch has been granted a major payments institution license by the Monetary Authority of Singapore, allowing the company to continue offering digital payment token services in the rapidly growing region. This is seen as a significant development for Ripple, as Singapore has become a prominent fintech and digital asset hub, known for its balance between innovation, consumer protection, and responsible growth. Ripple CEO Brad Garlinghouse praised Singapore’s regulatory environment and highlighted that the country has been the company’s Asia Pacific headquarters for the past six years.
The announcement comes at a crucial time for Ripple, as it faces a legal battle with the US Securities and Exchange Commission (SEC) over its operations in the United States. However, just hours before the license approval in Singapore, Ripple received a favorable ruling in the case against the SEC. A federal judge denied the SEC’s attempt to appeal, pushing the matter towards an inevitable final showdown in an upcoming trial scheduled for April. With about 90 percent of its business conducted outside of the US, securing the license in Singapore and the legal victory against the SEC bolster Ripple’s position and provide a clear path for the company’s continued growth in the Asia Pacific region.
Overall, Ripple’s Singapore branch obtaining a major payments institution license from the Monetary Authority of Singapore is a significant milestone for the company. It allows Ripple to continue offering its digital payment token services in Singapore, a leading fintech and digital asset hub. Moreover, as Ripple battles with the SEC over its right to operate in the US, the favorable ruling in the legal case strengthens Ripple’s position. With its business predominantly conducted outside the US, the license approval and legal victory provide Ripple with stability and growth opportunities in the Asia Pacific market.
