[NEWS] Ripple obtains major payment institution license in Singapore

Ripple announced on the 3rd that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

This means that XRP can now be used as an official means of payment in Singapore.

Ripple's subsidiary Ripple Markets APAC Pte Ltd received in-principle approval from the MAS for its MPI license application in June this year, but has now received a full license.

Singapore is known as a global pioneer in digital asset regulation. It is an ideal place to utilize cryptocurrency technology, including cross-border payments for companies and financial institutions, cryptocurrency liquidity, and the application of cryptocurrency to central bank digital currencies.

Ripple established its Asia-Pacific headquarters in Singapore in 2017, positioning it as a crucial location for Ripple's global business. The company more than doubled its Singapore-based employees last year. It will continue to use Singapore as a base to accelerate its business in Asia-Pacific.

Singapore has attracted new investments that support economic growth. Furthermore, the strategy has been experiencing a period of incredible transformation, such as actively introducing new technologies to streamline government services.

According to a press release, Singapore was ranked 4th last year in the IMD World Digital Competitiveness Rankings, which measures a country's ability to introduce new technologies. And by clarifying regulations for new technologies, Singapore has developed its economic power. New regulations are crucial to ensure security and reliability when companies and financial institutions explore cryptocurrency technology.

Some countries around the world tend to doubt and block innovation in crypto assets. However, Singapore has set a policy to be ahead of the times with an eye to the future. At least the leaders of financial institutions in Singapore seem to be convinced that digital assets will contribute to the development of finance in the future.

According to Ripple, about 90% of people around the world believe that blockchain and digital assets will have a significant and significant impact on business, finance, and society in the next three years, and almost half of the leaders of financial institutions in the Asia-Pacific region believe that they plan to use crypto assets for cross-border payments.

Payments across the Asia-Pacific region continue to trend toward digitalization. Cashless transaction volume is expected to grow by 109% by 2025. Ripple plans to continue positioning Singapore as a key hub for the introduction of global payment solutions, as part of its strategy to expand Ripple's cross-border payments across the Asia-Pacific region.

Source:Announcement
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