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Ripple president Monica Long is excited about the potential for growth in the Asia-Pacific as Ripple gets an in-principle payments license in Singapore.
This is because Singapore remains a leading global financial center and a prominent gateway to business in the Asia-Pacific.
I’m especially excited for the potential for growth here. APAC is already a huge market for Ripple, with ODL volumes flowing through Singapore growing over 5x year-on-year in 2022! 2/2
— Monica Long (@MonicaLongSF) June 22, 2023
Long makes her projection based on the fact that the Asia-Pacific region is already a huge market for Ripple, with ODL volumes flowing through Singapore growing over five times year-on-year in the past year.
In the same tweet, Long states that such key licenses might be necessary as RippleNet grows into a platform with regulated crypto-enabled services like instant settlement and liquidity.
Similar to the worldwide interbank messaging system SWIFT, Ripple's blockchain-based RippleNet enables massive transfers of funds between banks and other financial institutions.
Ripple hits significant milestone
In a rare instance of good news for the global cryptocurrency market, Ripple said that the Monetary Authority of Singapore, the nation's central bank, has given it in-principle approval for a Major Payment Institution License.
Tomiwabold OlajideThe license enables Ripple to increase the utility of XRP and offer regulated digital payment token products and services. The license would enable Ripple to extend cross-border transfers of XRP among its customers, which are banks and financial institutions, as well as to provide regulated digital payment token products and services.
This remains significant as, to date, fewer than 20 in-principle approvals and licenses have been granted to crypto companies by the MAS.
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