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Ripple Says Singapore License Formally Approved

Ripple’s Singapore arm has secured a license as a major payments institution from the Monetary Authority of Singapore, the company said, allowing it to keep providing digital payment token services in the fast-growing region. It's the second piece of good news for Ripple in the past eight hours. Ripple was granted a preliminary approval in June, but now its Ripple Markets APAC Pte Ltd subsidiary has obtained its formal licensing. The company said in a statement Tuesday that it does about 90 percent of its business outside the U.S. Meanwhile, Ripple has been fighting with the U.S. SEC over its right to operate there. The company won another significant victory in that case on Tuesday.

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