Ripple Labs has received the green light from the Monetary Authority of Singapore (MAS) to widen its payment operations in the country, as the company aims to enhance its business and institutional services through acquisitions. Their subsidiary, Ripple Markets APAC, is now authorized to broaden its licensed payment activities under the Major Payment Institution (MPI) category.

Monica Long, Ripple’s President, expressed appreciation for Singapore’s innovative approach, emphasizing that the newly granted license will enhance their capacity to invest in the region and build necessary infrastructures for financial institutions to process payments effectively.

Ripple’s payment system utilizes digital payment tokens, including its stablecoin RLUSD and XRP, aiming to facilitate cross-border transactions and provide various banking services. The company has previously completed notable acquisitions this year, one being the purchase of crypto custody firm Palisade.

“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.”

Fiona Murray, Ripple’s VP and managing director for the Asia Pacific region, noted significant growth in crypto activities in the area, with annual on-chain activity surging by approximately 70%, with Singapore being a crucial part of this increase. Economic reports indicated a 69% rise in total transactions in the Asia Pacific, driven by countries like India, Pakistan, and Vietnam.