#BreakingNews San Francisco-based blockchain company Ripple has secured in-principle approval from the Monetary Authority of Singapore (MAS).

This development supports Singapore's reputation as a significant tech and financial hub, home to prominent firms such as DBS.

The license will allow Ripple to increase the transnational movement of its associated cryptocurrency, XRP, primarily serving its banking and financial institution clients. In a tweet, Ripple CEO Brad Garlinghouse has expressed satisfaction with this development, noting it as a reiteration of Ripple's commitment to the region and its proactive engagement with regulators on a global scale.

The new license places Ripple in a stronger position to enhance its crypto-enabled payment services across the APAC region