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Ripple has been approved by the Central Bank of Singapore to expand its payment business scope.

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ChainCatcher news, Ripple Labs' Singapore subsidiary Ripple Markets APAC has received approval from the Monetary Authority of Singapore (MAS) to expand the scope of regulated payment activities under its Major Payment Institution (MPI) license. Ripple has been in the Singapore market since 2017, and the region has become a key part of its global business. Company president Monica Long stated that this license expansion will enhance Ripple's investment capabilities in Singapore and provide Financial Institutions with a more efficient, faster, and secure funds transfer infrastructure.

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