Ripple just scored another regulatory win in one of the world’s most important financial hubs. The company announced Monday that Ripple Markets APAC has received approval from Singapore’s Monetary Authority to expand its payment services under its Major Payment Institution license.
This approval gives Ripple more room to scale regulated crypto payments in a region where adoption is growing fast. According to Ripple President Monica Long, the expanded license strengthens Ripple’s ability to invest locally and build the infrastructure financial institutions need to move money efficiently.
At the center of this push is Ripple Payments, a platform that uses digital payment tokens like XRP and the dollar-backed stablecoin RLUSD to power cross-border transactions. The system supports the full payment flow, from on-ramps and off-ramps to holding, swapping, and payouts.
For banks and enterprises, this means faster settlement without rebuilding their entire payments stack.
Ripple first secured its Major Payment Institution license from the Monetary Authority of Singapore in 2023. That approval allowed the company to offer core digital payment token services, including buying and selling crypto and operating exchange platforms. The latest expansion builds directly on that foundation.
This regulatory momentum comes alongside an aggressive expansion strategy. In November, Ripple acquired Palisade, a crypto custody and wallet provider, adding secure asset storage to its institutional toolkit.
The deal signals Ripple’s intent to serve large financial players looking to integrate digital assets in a compliant way.
Asia Pacific remains central to that strategy. Fiona Murray, Ripple’s vice president and managing director for the region, said on-chain activity across Asia has jumped roughly 70% year over year, with Singapore acting as a critical hub for innovation and capital flows.
Data backs that up. Chainalysis’ 2024 Global Adoption Index shows Asia Pacific posting the fastest growth in crypto adoption worldwide, with total value received rising 69% to $2.36 trillion. India, Pakistan, and Vietnam led the rankings, while the Philippines, South Korea, and Thailand also placed inside the global top 20.
Ripple has operated in Singapore since 2017, long before today’s wave of institutional adoption. With clearer rules, rising usage, and a deep financial ecosystem, the city-state continues to play a pivotal role in Ripple’s global payments roadmap.
