Ripple’s Singaporean subsidiary would be able to offer regulated digital payment token products and services due to the license. The Monetary Authority of Singapore (MAS) has given Ripple preliminary clearance for a Major Payments Institution Licence. The license will allow Ripple’s Singaporean subsidiary to offer regulated digital payment token products and services, as well as increase the number of customers on its On-Demand Liquidity (ODL) platform.
Ripple’s Singapore office has hired 50 full-time personnel, a 50% increase in headcount year over year, to fill critical jobs in business development, compliance, finance, legal, and sales. “With their licensing framework, they have figured out how to create a clear taxonomy for digital assets that promotes innovation and investment.” So far, the MAS has approved 190 Major Payment Institution licences and 11 Digital Payment Token Service licenses, Since January 2020, MAS has apparently received over 680 applications, with 17 being rejected and 214 being withdrawn.