- It was issued by the MAS Monetary Authority
- The license will allow Ripple to provide digital payments
- Including cross-border transfers via ODL
American company Ripple Labs has received approval in principle from the Monetary Authority of Singapore (MAS). This license gives them the right to provide digital payment services in the city-state.
The company will also be able to expand its ODL (liquidity on demand) operations. ODL technology allows XRP tokens to be used for cross-border payments.
This is what Ripple writes in its press release:
“A growing number of countries are seeking to implement a regulatory framework for crypto. Many of these countries expect to learn from Singapore’s early experience in developing a clear taxonomy and licensing system. The MAS approval will allow us to improve customer support as well as build a more inclusive and borderless financial system.”
We note that the lion’s share of Ripple’s global ODL transactions is in Singapore. The company has opened its headquarters here and doubled the number of staff over the past year.
Besides that, Ripple is expanding its presence in neighboring Hong Kong. In May, they became a partner of Fubon Bank. Based on software from Ripple, this bank began testing the Hong Kong central bank’s digital currency, e -HKD. In parallel, Ripple is developing CBDCs in Montenegro and several other countries.