Ripple can now offer payments services in Singapore

Ripple hopes provisional regulatory approval in Singapore will help inspire more local usage of its payments network

article-image

Jievani/Shutterstock modified by Blockworks

share

Ripple Labs has received in-principle central bank approval in Singapore to begin offering crypto products and services under a regulated banner throughout the city-state.

The licensure for its local subsidiary, Ripple Markets APAC, would allow it to scale client’s use of its crypto-enabled On-Demand Liquidity (ODL) service, the San Francisco firm said in a statement.

Ripple Labs’ provisional license allows it to start offering payments services such as account issuance, cross-border money transfer services and digital payment token services while it undergoes further regulatory checks.

ODL, which runs on the Ripple distributed ledger, aims to boost efficiency of international transfers by using XRP as an intermediary asset. Company materials suggest it operates across some 40 payments markets, including France, Sweden and Africa.

Ripple Labs reported selling $2.9 billion XRP last quarter to customers for use on its payments network. It spent $2.6 billion buying the token on secondary markets over that time.

The firm, as of the end of March, had sold $14 billion XRP directly to ODL customers since it was sued by the SEC in Dec. 2020. The case is still ongoing.

Ripple Labs acquired $11 billion XRP from secondary markets across the same period. XRP is the sixth-largest cryptocurrency by market cap behind USDC and binance coin (BNB).

While Singapore has a reputation for a tough stance on crypto, CEO Brad Garlinghouse said Singapore was a strategic choice based on clearer operating guidelines for budding digital asset firms.

“MAS continues to be a global leader in establishing clear rules of the road to recognise the innovation and real-world utility of digital assets, and its benefits to the global financial system,” he said.

London-headquartered crypto exchange Blockchain.com scored its own provisional MAS license last October. Singapore’s own Crypto.com received its full license earlier this month, about one year after it received provisional approval.

Expansion and licensure abroad from US-based crypto companies have been considered responses to a toxic regulatory climate at home. 

Coinbase recently flagged intent to explore opportunities in the European market, while heavy crypto backer a16z earlier this month said that it’s soon opening a UK office — its first international output.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

The Ethereum co-founder suggested LINEA holders would be eligible for other airdrops in cryptic tweet

article-image

The layer-2’s biggest release yet brings benefits — but a post-upgrade outage caused a chain reorg

article-image

Crypto is shifting into risk-on mode — pump.fun dominates meme activity, while Lido leans on treasury maneuvers

article-image

If the president breaks the Fed, he’ll own the budget problems

article-image

Combining Franklin Templeton’s tokenization expertise with Binance’s trading infrastructure could speed crypto adoption, companies say

article-image

The firm’s upcoming filing comes as competition heats up over the USDH stablecoin