Singapore nods! Ripple approved to expand payment business, Asia-Pacific trading surges by 70%

Ripple Labs subsidiary Ripple Markets APAC has received approval from the Monetary Authority of Singapore (MAS) to expand its regulated payment activities under the Major Payment Institution (MPI) license. Fiona Murray, Vice President and General Manager of Ripple Asia Pacific, stated that the region has experienced significant rise, with on-chain activity growing approximately 70% year-on-year, and Singapore “is at the center of this growth.”

The Strategic Significance of Singapore MPI License Expansion

(Source: Ripple)

Ripple obtained the MPI license in 2023, allowing it to provide regulated digital payment token services in Singapore. The MPI (Major Payment Institution) license is the highest level of payment institution license issued by the Monetary Authority of Singapore, requiring licensed institutions to meet strict capital requirements, risk management standards, and anti-money laundering compliance obligations. This high-threshold license also means that the recipients hold a high level of credibility and expertise in the eyes of the regulatory authorities.

As of Monday, the MAS website still only lists digital payment token services under the Ripple license, which “refers to the purchase or sale of digital payment tokens, or the provision of a platform for users to exchange digital payment tokens.” However, the latest approval in Singapore has expanded this scope, allowing Ripple to offer a broader range of regulated payment services.

Ripple President Monica Long stated in a statement that the company values “Singapore's forward-looking approach” and that “the expansion of the licensing scope enhances our ability to continue investing in Singapore and building the infrastructure needed for financial institutions to swiftly, efficiently, and securely transfer funds.” This statement reveals the core reason why Ripple chose Singapore as its regional headquarters in the Asia-Pacific: the proactive and open regulatory environment.

Singapore has taken a relatively balanced approach to global cryptocurrency regulation. Unlike China's outright ban or the stringent regulations in the United States, Singapore has established a clear regulatory framework that both protects investors and financial stability while leaving space for innovation. This “regulatory sandbox” approach has attracted numerous cryptocurrency companies to set up their regional headquarters in Singapore, including several giants in the CEX industry.

Three Major Advantages of Singapore MPI License

Regulatory Clarity: A clear regulatory framework reduces compliance uncertainty, allowing businesses to plan for the long term.

Market Access: The MPI license provides a legal channel to enter the Southeast Asian and Asia-Pacific markets.

Brand Endorsement: The stringent review by the Monetary Authority of Singapore provides a credibility endorsement for licensed institutions.

Ripple has been operating in Singapore since 2017, and the company stated that the region is “crucial” to its global business. This 8-year commitment shows Ripple's strategic importance placed on the Asia-Pacific market. Singapore is not only the regional headquarters of Ripple but also serves as a foothold for its entry into the entire Southeast Asian and Asia-Pacific markets.

The Cross-Border Payment Revolution of Ripple Payments System

The Ripple Payments system uses digital payment tokens, such as its stablecoin RLUSD and XRP for cross-border transactions. According to Ripple, the service is designed to serve as an entry and exit point for cross-border transactions, supporting banks and businesses in receiving, holding, exchanging, and making payments. This design positions Ripple as a provider of infrastructure for global cross-border payments, rather than just a cryptocurrency project.

RLUSD is a stablecoin launched by Ripple, pegged 1:1 to the US dollar, supported by US dollar reserves and short-term US Treasury bonds. The strategic significance of launching the stablecoin lies in providing a stable medium of value for cross-border payments. Although XRP is Ripple's native token, its price volatility makes some conservative financial institutions reluctant to adopt it. The stability of RLUSD alleviates this concern, enabling Ripple's payment network to serve both innovative institutions willing to bear volatility and traditional banks in need of stability.

XRP plays the role of a bridge currency in Ripple's payment system. Traditional cross-border payments require going through a network of correspondent banks when converting from one fiat currency to another, involving multiple transfers and currency exchanges, with costs and time delays at each step. Ripple's solution is to convert the starting currency into XRP, quickly transferring it through RippleNet, and then converting it into the target currency at the destination. The entire process can be completed in a matter of seconds, with costs only a small fraction of traditional methods.

The service aims to serve as an entry and exit point for cross-border transactions, supporting banks and enterprises in receiving, holding, exchanging, and paying. This end-to-end solution is Ripple's core competitive advantage. Banks do not need to develop blockchain infrastructure themselves or handle the technical complexities of cryptocurrencies; they only need to connect to Ripple's system to enjoy the efficiency gains brought by blockchain technology.

Mergers and Acquisitions to Build a Complete Ecosystem

This year, Ripple has made several significant acquisitions to expand its business and institutional-facing products, with the most recent acquisition occurring on November 4, when the company acquired the cryptocurrency custody and wallet company Palisade. This acquisition is of strategic importance, as custody services are one of the key barriers to institutional adoption of cryptocurrency.

One of the most concerning issues for traditional financial institutions when dealing with crypto assets is asset security. They require custody solutions that meet institutional-grade standards, including multi-signature, cold and hot wallet separation, insurance coverage, and disaster recovery plans. By acquiring Palisade, Ripple is able to provide its clients with end-to-end services, from payment networks to asset custody, eliminating friction in the institutional adoption process.

In addition to Palisade, Ripple has made several acquisitions this year. Although specific details were not listed in the provided materials, from Ripple's strategic direction, these acquisitions may focus on areas such as compliance technology, payment track integration, and institutional-grade infrastructure. This proactive acquisition strategy demonstrates that Ripple is transforming from a mere blockchain protocol provider into a comprehensive fintech solution provider.

The acquisition strategy is backed by Ripple's deep understanding of the institutional market. The conclusion of the SEC lawsuit has cleared the biggest hurdle for Ripple in the U.S. market, and now the company is fully advancing its global expansion. Rapidly acquiring key capabilities through acquisitions rather than building them in-house is a common strategy employed by large tech companies. This approach saves time, gains mature products and teams, and quickly fills capability gaps.

APAC region $2.36 trillion market explosion

Fiona Murray, Vice President and General Manager of Ripple Asia Pacific, stated that the region has also experienced significant rise, with on-chain activity increasing by approximately 70% year-on-year, and Singapore “is at the center of this rise.” This 70% growth rate far exceeds the global average, indicating that the Asia Pacific region is becoming a new engine for cryptocurrency adoption.

According to Chainalysis's Global Adoption Index 2025 released on September 3rd, the Asia-Pacific region achieved the highest annual growth rate. The total amount of aid received increased by 69%, reaching $2.36 trillion, with India, Pakistan, and Vietnam leading the way, followed by the Philippines, South Korea, and Thailand in the top 20. These data reveal the structural drivers of cryptocurrency adoption in the Asia-Pacific region.

Five Leading Reasons for Cryptocurrency Adoption in the Asia-Pacific Region

Huge remittance demand: Many workers from Asia-Pacific countries work abroad, leading to a strong demand for cross-border remittances.

Low financial inclusion: Traditional banking services are insufficiently covered, and cryptocurrencies provide alternative financial channels.

Young Population Structure: The population in the Asia-Pacific region is becoming younger, with a high acceptance of digital technologies.

Regulatory Environment Opening: Singapore, Hong Kong, South Korea and other regions have established relatively friendly regulatory frameworks.

Payment Efficiency Demand: Frequent trade within the region, traditional cross-border payment costs are high and the speed is slow.

India, Pakistan, and Vietnam rank among the highest in adoption rates, which is not surprising. These countries have large overseas labor groups that need to regularly remit money back home. Traditional remittance channels like Western Union or bank wire transfers typically charge fees of 5-10% and take several days to process. In contrast, using cryptocurrency for remittances can reduce costs to below 1% and shorten the transfer time to just a few minutes.

The entry of the Philippines, South Korea, and Thailand into the top 20 indicates different adoption drivers. The Philippines also has a large number of overseas workers, while South Korea has a developed gaming and digital content industry with a high acceptance of cryptocurrency among young people. Thailand, on the other hand, has started to accept cryptocurrency payments in the tourism sector. This diversity in adoption scenarios shows that the penetration of cryptocurrency in the Asia-Pacific region is expanding from a single use case to multiple areas.

Murray stated: “By expanding the scope of payment services, we can offer a range of regulated payment services, thereby better supporting institutions that drive growth and providing our customers with a faster and more efficient payment experience.” This statement emphasizes Ripple's value proposition: providing efficient cross-border payment solutions within a compliance framework. For financial institutions, compliance and efficiency are often a contradiction, but Ripple seeks to prove that both can be achieved.

Singapore's approval not only allows Ripple to expand its business locally, but more importantly, it provides a credibility endorsement for its expansion across the Asia-Pacific region. When Ripple negotiates partnerships with financial institutions in other Asia-Pacific countries, the Singapore MPI license will serve as strong evidence of its compliance and reliability. The value of this regulatory endorsement is immeasurable in the conservative financial industry and is often more persuasive than any marketing campaign.