Ripple’s expansion of its payment services gained a new regulatory approval in Singapore in time to capitalise on a burgeoning crypto market.
Ripple is now able to offer its payment services in Singapore after receiving regulatory clearance today (December 1) from the Monetary Authority of Singapore (MAS).
Ripple Markets APAC, Ripple’s Singapore-based subsidiary, will be able to offer its payment services, such as RippleNet, as well as its crypto custody services for investors and customers in the country.
MAS approved Ripple’s Major Payment Institution (MPI) licence to operate in the country, as well as affording the crypto company to provide its digital payment tokens and global payout network to support faster and more transparent cross-border payments.
“MAS has set a leading standard for regulatory clarity in digital assets, and we deeply value Singapore’s forward-thinking approach,” said Monica Long, President of Ripple.
“Ripple has always taken a regulation-first approach and Singapore is proof that innovation thrives when rules are clear. 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.”
Singapore’s streamlined regulatory framework
As Long highlighted, MAS has been applauded by the crypto sector for having transparent and clear regulatory guidelines.
Applicants must have a Singapore branch entity and have a registered office in the country. Other personnel requirements include an executive director in place who is from Singapore, directors must pass the “fit and proper” test, and individuals must have extensive experience in the payment services or financial industries.
Companies must have a minimum base capital of $193,000 (SGD$250,000) and security deposits of SGD$100,000 for average monthly payment transactions that do not exceed SGD$6m
Operational and compliance requirements.
Compliance requirements include independent audit requirements under the Payment Services Act, a penetration test to be conducted to find high-risk findings, and certain cybersecurity provisions to ensure customer safety.
Singapore’s crypto market
MAS’ regulatory framework has also enabled crypto growth among both businesses and customers.
Trading View research found in April 2025 that more than half (52%) of Singapore’s crypto/digital asset owners use their assets for payments, and 67% of investors stated they want to use their assets for future payments.
Crypto transaction volumes are steadily increasing over the last year. Payments with crypto and digital assets reached almost $1bn in value in the second quarter of 2024.
“The Asia Pacific region leads the world in real digital asset usage, with on-chain activity up roughly 70% year-over-year. Singapore sits at the center of that growth,” said Fiona Murray, Ripple Vice President & Managing Director, Asia Pacific.
“With this expanded scope of payment activities, we can better support the institutions driving that growth by offering a broad suite of regulated payment services, bringing faster, more efficient payments to our customers.”
Singapore has been a key market for Ripple’s global business since the company established its Asia Pacific headquarters in 2017.
