MAS expands Ripple’s scope of payment activities in Singapore

Ripple uses digital payment tokens to offer end-to-end payment solutions.

The Monetary Authority of Singapore (MAS) has expanded Ripple’s scope of payment activities under the major payment institution licence held by its subsidiary Ripple Markets APAC Pte. Ltd. (RMA).

Ripple, a fintech company providing crypto solutions to businesses, said that it can now provide an end-to-end payment solution in Singapore.

It makes use of digital payment tokens (DPTs) to settle payments in minutes.  

“This expanded license strengthens our ability to continue investing in Singapore and to build the infrastructure financial institutions need to move money efficiently, quickly, and safely,” said Monica Long, Ripple President.