Ripple, the blockchain-based payment company, has received an “in principle” approval from the Monetary Authority of Singapore (MAS) to operate a digital payment service. The approval will allow Ripple to expand its “On-Demand Liquidity” service, which uses XRP to provide instant cross-border payments.
Here are the most important things to know about Ripple’s “in principle” approval:
1. Ripple’s “On-Demand Liquidity” service uses XRP to provide instant cross-border payments. This service allows customers to source liquidity in real-time, reducing the need for pre-funded accounts and lowering the cost of cross-border transactions.
2. The “in principle” approval from MAS will allow Ripple to expand its operations in Singapore and scale its “On-Demand Liquidity” service. This will enable Ripple to provide faster and more cost-effective cross-border payments to customers in the region.
3. Ripple’s expansion in Singapore is part of its broader strategy to increase its presence in Asia. The company has already established partnerships with several banks and financial institutions in the region, including SBI Holdings in Japan and CIMB Group in Malaysia.
In summary, Ripple’s “in principle” approval from MAS is a significant milestone for the company’s expansion plans in Asia. The approval will enable Ripple to scale its “On-Demand Liquidity” service and provide faster and more cost-effective cross-border payments to customers in Singapore and the wider region.
