Singapore Widens Ripple’s MPI License, Unlocking Full Cross-Border Payments

Key takeaways

• MAS has expanded Ripple’s MPI license, allowing the company to offer a much wider range of regulated payment services and marking a notable regulatory milestone for the company’s operations in Singapore.

• Ripple first secured a full MPI license in 2023, enabling digital payment token services but limiting comprehensive end-to-end payment capabilities until the restrictions were removed in the 2025 expansion.

• The upgraded license now permits full cross-border payment processing, regulated XRP and RLUSD services, liquidity solutions, on/off-ramps and enterprise-grade settlement tools under Singapore’s strict oversight.

• The expanded license positions Ripple to meet rising institutional demand across Asia-Pacific, compete in major remittance corridors, offer XRP- and RLUSD-based services and strengthen relationships with regional regulators.

Ripple took a big step ahead in Singapore when the Monetary Authority of Singapore (MAS) extended the scope of Ripple’s Major Payment Institution (MPI) license. This permitted the company to offer a significantly broader range of regulated payment services.

For Ripple, which regards Singapore as its main center of operations in the Asia-Pacific region, this decision marks the start of a new stage of international growth.

This article discusses how Ripple set its foot in Singapore, what the extended MPI license allows and the prevailing challenges for Ripple in the country.

How Ripple built its Singapore base

In 2023, Ripple’s subsidiary Ripple Markets APAC obtained a full MPI license under Singapore’s Payment Services Act (PSA). This allowed the company to provide digital payment token services in compliance with strict rules on Anti-Money Laundering (AML), consumer protection, transaction monitoring and operational resilience.

However, the license restricted Ripple to certain digital token-related activities. It did not permit the comprehensive end-to-end payment solutions that banks, fintech companies and large corporations increasingly require. The 2025 expansion of the license removes those limitations.

Did you know? Singapore was one of the first countries to regulate crypto through the PSA 2019, a dedicated framework. The country created clear rules for digital payment tokens at a time when most nations were still debating basic definitions.

Details of the expanded MPI license for Ripple in Singapore

The MAS has authorized Ripple to provide a wider set of regulated payment services, including:

• Full end-to-end cross-border payment processing, covering the entire transaction flow rather than only token-related elements

• Regulated services involving digital payment tokens, such as XRP (XRP) and Ripple’s stablecoin Ripple USD (RLUSD), including settlement, liquidity provision and integration into institutional payment systems

• Scalable payment solutions for banks, fintech firms and cryptocurrency companies

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

Ripple is now permitted to offer a broader range of regulated services to a larger group of clients in one of the world’s most rigorously supervised financial markets.

Ripple president Monica Long described the approval as a major advance that will help the company expand its licensed services in Singapore for a growing customer base of banks and fintech firms. She highlighted Singapore’s clear and innovation-friendly regulatory environment, which stands out compared to the legal uncertainty Ripple faced in other jurisdictions.

Did you know? The MAS openly warns retail investors about crypto risks, yet simultaneously supports institutional-grade infrastructure. This blend of pro-innovation policy and cautious consumer guidance has helped Singapore maintain financial stability while remaining a global blockchain hub.

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

The Asia-Pacific region is the fastest-growing market for digital assets worldwide, and Singapore is a leading center for financial innovation. The expanded license strengthens Ripple’s position by enabling it to:

• Meet rising institutional demand for regulated blockchain-based payment and liquidity solutions

• Compete effectively in high-volume cross-border remittance corridors

• Offer regulated services involving XRP and RLUSD at scale

• Enhance its reputation with regulators in neighboring countries, supporting further regional expansion.

Did you know? Singapore was one of the earliest major economies to embrace stablecoin regulation, releasing formal guidelines on reserve backing, redemption rights and operational safeguards.

What challenges remain for Ripple in Singapore

Despite this progress, certain obstacles remain:

• Some permitted activities have not been publicly detailed, requiring further compliance work.

• Banks and large institutions often need time to evaluate and integrate new payment systems.

• Regulatory differences across countries mean Ripple must obtain comparable approvals elsewhere for seamless global services.

• Market volatility can affect the pace of institutional adoption of XRP-based solutions.

Nevertheless, Singapore now provides Ripple with one of its strongest regulatory foundations worldwide.

Did you know? Companies offering digital payment token services in Singapore must comply with rigorous AML and counter-terrorism financing standards, including full transaction monitoring, risk scoring and independent audits.

Strategic greenlight for digital global payments

For Ripple, the expansion of its MPI license is a strategic enabler rather than just a procedural change. It effectively grants the company approval to vastly expand its operations, permitting it to offer complete cross-border payment solutions and to seamlessly integrate both XRP and the RLUSD stablecoin within regulated financial services. This authorization allows Ripple to serve a more extensive and diverse clientele, encompassing banks, financial technology firms and other crypto-focused enterprises.

By solidifying its operational base in Singapore, Ripple is helping Singapore position itself as a central hub for its activities across the Asia-Pacific region and the global market. For a firm striving to become a leader in the future of digital payments, this type of regulatory endorsement is essential, transforming corporate goals into tangible operations.

The true scale of this achievement will be determined by Ripple’s subsequent actions. These include the establishment of new partnerships, the activation of payment corridors and the expansion of tokenized payment applications. The expansion of the license is likely to reshape the digital payment ecosystem throughout Asia-Pacific and the wider international financial landscape.