Ripple Singapore License Approved for Full Digital Payments

Ripple Singapore License Allows Full XRP and RLUSD Digital Payments

Ripple is taking a big step forward in Asia. Ripple Markets APAC Pte. Ltd., the Singapore branch of Ripple Labs, has been approved by the Monetary Authority of Singapore (MAS) to expand its license.

As per the official announcement on Ripple’s X, on December 1, the new Ripple Singapore License approval means organisation is allowed to provide full digital payment services, including the holding, swapping, and sending of digital tokens like XRP and RLUSD across the region.

This expansion builds upon the Major Payment Institution license that the organisation received in 2023. 

Under an updated license, they can make cross-border payments quicker and easier for businesses-which further cements Singapore's position as a major fintech hub. 

Management Welcomes Clear Rules

Monica Long, Firm's President, praised MAS for giving clear guidance on crypto. She said, “MAS has set a leading standard for digital asset regulations. This expanded license lets us invest further in Singapore and build the systems financial institutions need to move money efficiently.” 

Fiona Murray, Firm's Vice President for Asia Pacific, also noted strong growth in cryptocurrency use in the region. “On-chain activity in Asia Pacific is up 70% year-on-year. This approval lets us help businesses meet that demand and deliver faster, smoother payments,” she explained. 

What Ripple Payments Offers

With the new approval, they can provide businesses with a fully licensed, end-to-end digital payment solution: 

1. Fast Settlements: XRP and RLUSD payments can settle in minutes, reducing costs and improving efficiency. 

2. Single Integration: Businesses can handle collections, swaps, and payouts with one provider instead of multiple partners. 

3. Easy Access to Digital Assets: Companies can connect directly to digital payment tokens without extra bank infrastructure. 

XRP Price Update

Even with this regulatory progress, XRP price fell 7.6% in the past 24 hours, underperforming the wider market. Looking at the XRP price prediction, a technical break below $2.16 triggered $185M in derivatives liquidations. Market corrections and institutional profit-taking caused short-term selling, and traders are now watching whether it can hold the $2.00 support level or drop further toward $1.80–$1.87. 

Infrastructure development by the company and the extended Singapore license, even if the immediate market reaction appears negative, show that the company is committed to regulated and reliable payments in the long run. 

Global Expansion

The organisation is fostering its international reach. Very recently, it obtained FSRA Abu Dhabi's approval of its USD-backed stablecoin RLUSD. This allows banks and licensed institutions to use RLUSD for trading, lending, and settlements, a further testament to organisation's emphasis on trust, compliance, and adoption in key markets.

Conclusion

The extended Ripple Singapore License is a milestone for digital payments in Asia. With the simplification of cross-border transactions and the support for XRP and RLUSD, they cements its position among the biggest fintech innovators. 

Although the price action of XRP might be subject to market volatility in the short term, the regulatory progress hints at long-term growth for enterprise adopters of payment solutions. 

Disclaimer: This article is for informational purposes only and not a financial advice, kindly do your own research before investing in the crypto market.