Ripple has recently received approval in-principle from the Monetary Authority of Singapore for a Major Payments Institution License, which would allow a local subsidiary to provide regulated digital payment services.
The license will also allow Ripple to scale its On-Demand Liquidity platform, using XRP as a bridge currency, for cross-border payments.
Brad Garlinghouse, CEO of Ripple, praised Singapore for their “global leadership in developing a clear taxonomy and licensing framework.”
Stu Alderoty, the Chief Legal Officer, added that Ripple needs to take a few final steps to get full approval.
This approval follows Circle and Crypto.Com’s major payment institution licenses, granted earlier in June.
