The Monetary Authority of Singapore has granted fintech company Ripple a digital asset license.
As Reuters reported on Wednesday, the Major Payments Institution (MPI) license will allow the company to offer regulated digital asset token services in the country.
Ripple has obtained the license less than four months after the regulator granted it an initial in-principle approval in June.
The company said:
"Over 90% of Ripple’s business is outside of the US, and Singapore – and to a larger degree Asia Pacific – is one of its fastest growing regions."
Ripple is one of the 14 companies that have already received the approval from the watchdog to offer digital payment token services in Singapore, including Coinbase and stablecoin issuer Circle.
Ripple CEO Brad Garlinghouse said in a statement:
"Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business. We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore. […] Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth."