Ripple’s Singapore division has obtained a license as a major payments institution from the Monetary Authority of Singapore, the company said, allowing it to continue providing digital payment token services in the fast-growing region. It is the second good news for Ripple in the last eight hours.
“Singapore has emerged as a leading fintech and digital asset hub that strikes a balance between innovation, consumer protection and responsible growth,” Ripple CEO Brad Garlinghouse said in a statement, adding that the country is the company’s headquarters in Asia-Pacific six years ago.
The company said in a statement on Tuesday that it does about 90% of its business outside the US. Meanwhile, Ripple has been fighting with the US Securities and Exchange Commission (SEC) for its right to operate there. The company scored another significant victory in that case on Tuesday, when a federal judge ruled against the SEC’s attempted appeal, moving the matter to a final showdown at a trial in April.