According to CoinDesk, Ripple's Singapore subsidiary has obtained a license as a major payments institution from the Monetary Authority of Singapore. This allows the company to continue providing digital payment token services in the rapidly growing region. This marks the second piece of positive news for Ripple in the past eight hours.
Ripple CEO Brad Garlinghouse stated that Singapore has developed into one of the leading fintech and digital asset hubs, striking a balance between innovation, consumer protection, and responsible growth. The country has served as Ripple's Asia Pacific headquarters for six years. In June, Ripple was granted preliminary approval, and now its subsidiary, Ripple Markets APAC Pte Ltd, has received its formal licensing.
The company revealed on Tuesday that it conducts approximately 90% of its business outside the U.S. At the same time, Ripple has been in a legal battle with the U.S. Securities and Exchange Commission (SEC) over its right to operate in the country. The company achieved another significant victory in this case on Tuesday when a federal judge ruled against the SEC's effort to appeal, setting the stage for a final showdown in an April trial.
