Ripple CEO Brad Garlinghouse Lauds Singapore’s Crypto Approach as the Fintech Firm Secures Payments License
In an exciting announcement, Ripple Labs, the renowned payments platform, expresses its admiration for Singapore’s progressive stance on crypto assets while also celebrating its recent acquisition of an in-principle payments license from the Monetary Authority of Singapore (MAS). This significant milestone allows Ripple to offer digital asset services within the country.
Brad Garlinghouse, the esteemed CEO of Ripple, commends Singapore’s pragmatic and innovative approach to regulating crypto assets. He highlights Singapore’s role as a prominent global financial center that has taken the lead in adopting an innovation-first perspective on cryptocurrencies. Garlinghouse proudly notes that Ripple is among the select few firms to receive in-principle approval for a MAS MPI (Major Payments Institution) license specifically tailored for digital payment token services.
Expanding on his perspective, Garlinghouse emphasizes the clarity and aptness of the guidelines established by the MAS for the digital asset industry. He affirms the MAS’s ongoing global leadership in defining transparent rules of the road, recognizing the innovation and real-world utility of digital assets, and acknowledging their profound benefits for the global financial system. Garlinghouse expresses eagerness to strengthen the partnership between Ripple and the MAS, aiming to collectively propel the growth and development of Singapore’s digital assets ecosystem.
Ripple’s decision to conduct business in Singapore was driven by the country’s flourishing crypto economy, which the company describes as experiencing a monumental growth trajectory. Notably, Ripple’s Singapore operations played a pivotal role in the unprecedented business momentum it achieved globally in 2022, particularly in terms of on-demand liquidity (ODL).
With its newly obtained payments license and deepening collaboration with the MAS, Ripple is poised to make significant contributions to Singapore’s digital assets landscape and further enhance its position as a key player in the evolving realm of fintech innovation.
