According to the firm, the Monetary Authority of Singapore has granted Ripple’s Singapore branch a licence designating it as a major payments institution, allowing it to continue offering services for digital payment tokens in the quickly expanding region. This is Ripple’s second piece of positive news in the just eight hours.
In a statement, Ripple CEO Brad Garlinghouse noted that Singapore has evolved into one of the top hubs for fintech and digital assets, striking a balance between innovation, consumer protection, and responsible growth. He also noted that Singapore has served as the company’s Asia Pacific headquarters for six years.
In June, Ripple received a preliminary permission; however, as of right now, its subsidiary, Ripple Markets APAC Pte Ltd, has received its official licencing.
About 90% of the company’s business, according to a recent statement, is conducted outside of the United States. Ripple and the U.S. Securities and Exchange Commission (SEC) have been at odds over the latter’s permission to operate there. The lawsuit is moving towards a final confrontation in an April trial after a federal judge rejected the SEC’s attempt to appeal on Tuesday, giving the business yet another key victory in that case.