Ripple received a full license from Singapore's central bank to operate as a major payment institution, allowing it to continue operations there after getting in-principle clearance in June.

The Monetary Authority of Singapore (MAS) issued the full license to the company's local unit, Ripple Markets APAC, in an Oct. 4 statement.

According to Ripple CEO Brad Garlinghouse, "Singapore has developed into one of the leading fintech and digital asset hubs striking a balance between innovation, consumer protection, and responsible growth."

Singapore has been home to the firm's Asia Pacific headquarters since 2017, according to Garlinghouse, and the location "has been pivotal to Ripple's global business."

Ripple, established in the United States, said in a statement that over 90% of its business is conducted outside of the country, and that it will continue to prioritize Asia Pacific for the adoption of its crypto-backed products.

Ripple can now offer digital payment token services in Singapore thanks to the Singapore license. The MAS has granted the same license to 14 other entities, including the local branches of cryptocurrency exchanges Coinbase, Independent Reserve, and Blockchain.com.

It's Ripple's second piece of positive news on the day. Earlier, the U.S. judge overseeing the Securities and Exchange Commission's litigation against Ripple denied the regulator's attempt to file an interlocutory appeal.

Sources:

https://cointelegraph.com/news/ripple-approval-singapore-payments-license

https://www.businesswire.com/news/home/20231003739642/en/Ripple-Secures-Major-Payments-Institution-License-from-the-Monetary-Authority-of-Singapore

https://eservices.mas.gov.sg/fid/institution?term=Digital%20Payment%20Token%20Service&sector=Payments&category=Major%20Payment%20Institution&activity=Digital%20Payment%20Token%20Service&page=2