Ripple’s Singapore arm has secured a license as a major payments institution from the Monetary Authority of Singapore, the company said, allowing it to keep providing digital payment token services in the fast-growing region. It's the second piece of good news for Ripple in the past eight hours.
“Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth,” said Ripple CEO Brad Garlinghouse, in a statement, adding that the country has been the company’s Asia Pacific headquarters for six years.
Ripple was granted a preliminary approval in June, but now its Ripple Markets APAC Pte Ltd subsidiary has obtained its formal licensing.
The company said in a statement Tuesday that it does about 90 percent of its business outside the U.S. Meanwhile, Ripple has been fighting with the U.S. Securities and Exchange Commission (SEC) over its right to operate there. The company won another significant victory in that case on Tuesday, when a federal judge ruled against the SEC’s effort to appeal, so the matter is heading toward a final showdown in an April trial.
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