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Ripple Labs Granted Expansion of Payment Business Operations in Singapore
BlockBeats News, December 1st, according to Cointelegraph, Ripple Labs has received approval from the Monetary Authority of Singapore to expand its payment business activities in Singapore, coinciding with its broader strategy of expanding business through acquisitions and towards institutional services.
Ripple stated that its Singapore subsidiary, Ripple Markets APAC, has been approved by the Monetary Authority of Singapore (MAS) to expand its regulated payment business under its Major Payment Institution (MPI) license.
Ripple's CEO, Monica Long, stated in a press release that the company values "Singapore's forward-looking regulatory approach," and that this "expanded license will strengthen our ability to continue investing in Singapore and building the infrastructure needed for financial institutions to efficiently, quickly, and securely facilitate the movement of funds."
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