Ripple has been approved by the Central Bank of Singapore to expand its payment business scope

Ripple Labs' Singapore subsidiary, Ripple Markets APAC, has received approval from the Monetary Authority of Singapore (MAS) to expand the scope of its regulated payment activities under its Major Payment Institution (MPI) license.

Since entering the Singapore market in 2017, Ripple has made the region a key part of its global operations. The company's president, Monica Long, stated that this license expansion will enhance Ripple's investment capabilities in Singapore and provide financial institutions with a more efficient, faster, and secure funds transfer infrastructure.