Key Developments in Singapore's Financial Landscape
Ripple Markets APAC has secured approval from the Monetary Authority of Singapore to broaden its regulated payment activities, enhancing its role within the region since entering in 2017.
This approval strengthens Ripple’s infrastructure, enabling increased adoption of XRP and RLUSD, while boosting cross-border payment capabilities and reinforcing compliance in Singapore’s financial ecosystem.
Ripple's Strategic Growth in Singapore Leads to New Approval
Ripple Markets APAC, a subsidiary of Ripple Labs, has received approval from the Monetary Authority of Singapore to expand the scope of its regulated payment activities. Ripple intends to leverage this major payment institution license to strengthen its operational foothold in Singapore.
With the expanded license, Ripple can onboard more financial institutions, supporting digital payment tokens such as XRP and RLUSD. This initiative is expected to bolster Ripple’s transaction capability in the region significantly.
"This license expansion will enhance Ripple's investment capabilities in Singapore and provide financial institutions with a more efficient, faster, and secure funds transfer infrastructure." - Monica Long, President, Ripple Markets APAC Pte. Ltd.
XRP's Market Dynamics Amid MPI License Expansion
Ripple's MPI license expansion follows similar approvals by MAS, which historically led to increased institutional trust and regulatory clarity, thereby boosting Layer 1 asset integration.
According to CoinMarketCap, XRP's current price is $2.02, with a 24-hour trading volume reaching $4.44 billion, marking a 132.06% surge. The market cap stands at $122.06 billion, while its value decreased by 7.57% over 24 hours. XRP's declining trend is seen over the last three months, showing a 28.56% decrease.
The Coincu research team indicates that the expanded MPI license in Singapore may further solidify Ripple's role in the regulated fintech environment. Historical precedents suggest enhanced institutional trust and increased adoption of Ripple's tokens.