XRP News: Ripple Broadens Payment Offerings in Singapore with MPI License Expansion

In major XRP news today, crypto payment infrastructure giant Ripple on Monday said it has received approval from the Monetary Authority of Singapore (MAS) to expand its payment offerings. It boosts the scope for RLUSD and XRP adoption in the region.

XRP News: Ripple Receives Approval to Expand Payment Services in Singapore  

The MAS has approved an expanded Major Payment Institution (MPI) license scope, giving Ripple the green light to scale regulated payment services across Singapore, according to a press release on December 1.

Singapore subsidiary Ripple Markets APAC Pte. Ltd. (RMA) held the license to provide payment services. With the expanded scope approval, the firm broadens its regulated payment offerings while delivering greater value to customers. Ripple has maintained its commitment to compliance, transparency, and strong regulatory partnerships in the region.

“MAS has set a leading standard for regulatory clarity in digital assets, and we deeply value Singapore’s forward-thinking approach,” said Ripple president Monica Long. She added that the expanded license strengthens the firm’s ability to continue investing in Singapore and provide financial institutions with a blockchain-based infrastructure for transferring money efficiently, quickly, and safely.

Ripple Payments to See Broader Adoption

Ripple Payments will get another boost in the region with the license. The firm offers fast, transparent, and reliable cross-border payments, as well as on-ramp and off-ramp services for banks, crypto companies, and fintechs globally with Payments.

The full MPI license will enable Ripple to handle the underlying blockchain and operational complexity for businesses looking to launch digital payment services quickly, without the cost or burden of infrastructure management.

Ripple Payments benefits include using digital payment tokens such as RLUSD and XRP to settle payments and streamlining operations by supporting the entire payment flow. Also, Ripple Payments enables easier access to digital assets while removing bank, infrastructure, or direct digital asset management requirements.

The Asia Pacific region leads in crypto asset adoption and use, with an almost 70% year-over-year increase in on-chain activity. Ripple asserts Singapore is pivotal for its global business expansion as it is a major crypto hub.

Recently, Ripple partnered with Mastercard and Gemini to test the RLUSD stablecoin settlement of fiat card payments. This major XRP news uplifted the firm’s position in blockchain-based settlements.

Price Action amid the Huge XRP News

XRP price fell more than 7% despite news of Ripple’s approval for an expanded MPI license. The price is currently trading at $2.04, with an intraday low and high of $2.04 and $2.21, respectively.

However, trading volume has increased by 57% over the last 24 hours, indicating a rise in interest among traders amid the broader crypto market selloff.

The derivatives markets also showed massive selling, as per CoinGlass data. The total XRP futures open interest dropped almost 3% in the past 4 hours. The 24-hour XRP futures open interest fell nearly 8%, indicating bearish bias among derivatives traders.

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