Singapore Expands Ripple’s MPI License, Enabling Complete Cross-Border Payments

Key takeaways

• The Monetary Authority of Singapore (MAS) has broadened Ripple’s Major Payment Institution (MPI) license, allowing the company to provide a significantly larger array of regulated payment services, representing a key regulatory advancement for Ripple in Singapore.

• Ripple initially obtained a full MPI license in 2023, which enabled digital payment token offerings but constrained comprehensive end-to-end payment functionalities until these limitations were lifted in the 2025 expansion.

• The renewed license now facilitates complete cross-border payment handling, regulated services involving XRP and RLUSD, liquidity solutions, on/off-ramps, and high-grade settlement tools adhering to Singapore’s stringent regulations.

• The enhanced license prepares Ripple to cater to growing institutional demand across the Asia-Pacific region, competing in major remittance routes and developing XRP- and RLUSD-based services while bolstering ties with local regulators.

Ripple advanced significantly in Singapore with the MAS extending the scope of its MPI license, enabling the company to deliver a much broader spectrum of regulated payment services.

For Ripple, prioritizing Singapore as its central operational hub in Asia-Pacific, this decision signals the beginning of a new phase of global growth.

This article outlines Ripple’s establishment in Singapore, the implications of the extended MPI license, and the ongoing challenges faced by Ripple in the country.

How Ripple built its Singapore base

In 2023, Ripple Markets APAC, a Ripple subsidiary, acquired a full MPI license under Singapore’s Payment Services Act (PSA). This enabled adherence to strict regulations on Anti-Money Laundering (AML), consumer protection, transaction monitoring, and operational robustness while providing digital payment token services.

However, the initial license had limitations, restricting Ripple to specific digital token-related functions without comprehensive end-to-end payment solutions that banks and fintechs increasingly need. The license expansion in 2025 removes these constraints.

Did you know? Singapore was among the initial nations to implement regulations for crypto through the PSA in 2019, creating a distinct framework at a time when many countries were still debating basic definitions.

Details of the expanded MPI license for Ripple in Singapore

The MAS has granted Ripple permission to provide a wider array of regulated payment services, including:

• Comprehensive end-to-end cross-border payment processing, encompassing the entire transaction flow beyond just token-related elements

• Regulated services for digital payment tokens, including XRP (XRP) and Ripple’s stablecoin Ripple USD (RLUSD), covering settlement, liquidity provision, and integration into institutional payment infrastructures

• Adaptable payment solutions suitable for banks, fintech companies, and cryptocurrency businesses

• Fiat-to-crypto on-ramps and off-ramps, cross-border remittances, and high-grade settlement tools, all under MAS supervision.

Ripple is now authorized to deliver an expanded suite of regulated services to a broader clientele in one of the world’s most meticulously governed financial landscapes.

Ripple president Monica Long described this approval as a substantial advancement that will support the company in expanding its licensed services in Singapore for an increasingly growing customer base of banks and fintech enterprises. She emphasized Singapore’s clear, innovation-friendly regulatory framework, contrasting with the legal ambiguity Ripple has experienced in other regions.

Did you know? Although the MAS cautions retail investors regarding crypto risks, it concurrently fosters institutional-grade infrastructure. This combination of pro-innovation policy and careful consumer guidance has enabled Singapore to maintain financial stability while serving as a global blockchain center.

Why Ripple’s extended MPI license matters in Asia-Pacific

The Asia-Pacific region stands as the fastest-growing market for digital assets globally, with Singapore emerging as a prominent hub for financial innovation. The expanded license fortifies Ripple’s standing by enabling it to:

• Address the increasing institutional demand for regulated blockchain-based payment and liquidity solutions

• Effectively compete in high-volume cross-border remittance streams

• Provide regulated services involving XRP and RLUSD on a larger scale

• Bolster its reputation with regulators in surrounding countries, facilitating additional regional growth.

Did you know? Singapore was one of the earliest significant economies to adopt stablecoin regulations, issuing formal guidelines on reserve backing, redemption rights, and operational safeguards.

What challenges remain for Ripple in Singapore

In spite of this progress, several challenges continue to persist:

• Some authorized activities lack public details, necessitating further compliance efforts.

• Banks and large institutions often require substantial time to assess and incorporate new payment systems.

• Regulatory discrepancies across nations mandate Ripple to secure comparable approvals elsewhere for seamless global operations.

• Market fluctuations may influence the speed of institutional adoption regarding XRP-based solutions.

Nonetheless, Singapore now offers Ripple one of its most robust regulatory frameworks globally.

Did you know? Businesses offering digital payment token services in Singapore must adhere to rigorous AML and counter-terrorism financing regulations, including complete transaction monitoring, risk assessment, and independent audits.

Strategic greenlight for digital global payments

For Ripple, the expansion of its MPI license acts as a strategic enabler, transcending a mere procedural change. It effectively provides the company with the endorsement to dramatically extend its operations, facilitating comprehensive cross-border payment solutions and the smooth integration of both XRP and RLUSD within regulated financial frameworks. This authorization empowers Ripple to cater to a broader and more varied clientele, including banks, fintech companies, and other crypto-related enterprises.

By solidifying its operational presence in Singapore, Ripple is aiding in positioning the nation as a pivotal hub for its endeavors throughout the Asia-Pacific region and beyond. For a company aspiring to lead in the future of digital payments, this kind of regulatory approval is crucial, transforming corporate objectives into actionable strategies.

The real impact of this milestone will be revealed through Ripple’s forthcoming actions, including the formation of new partnerships, the activation of payment corridors, and the evolution of tokenized payment solutions. The license’s expansion is poised to redefine the digital payment ecosystem across Asia-Pacific and the broader international financial landscape.