Ripple Labs Receives Approval from the Monetary Authority of Singapore to Expand Payments Business

Odaily Planet Daily reports that Ripple Labs has received approval from the Monetary Authority of Singapore (MAS) to expand its payments business in the region. Ripple's Singapore subsidiary, Ripple Markets APAC, has been approved by MAS to expand its regulated payments activities under its Major Payment Institution (MPI) license. The Ripple Payments system uses digital payment tokens, such as its stablecoins RLUSD and XRP, for cross-border transactions. According to Ripple, the service aims to provide banks and companies with entry and exit channels for receiving, holding, exchanging, and making payments. (Cointelegraph)