Ripple Labs has been granted permission to expand its payment business activities in Singapore.

On December 1, according to Cointelegraph, Ripple Labs has received approval from the Central Bank of Singapore to expand its payment business activities in Singapore, coinciding with its broader strategy to grow its business through acquisition and cater to institutional services. Ripple stated that its Singapore subsidiary, Ripple Markets APAC, has been approved by the Monetary Authority of Singapore (MAS) to expand its regulated payment business under its main payment institution (MPI) license. Ripple President Monica Long stated in a statement that the company values “Singapore's forward-looking regulatory approach,” and that this “expanded license will enhance our ability to continue investing in Singapore and build the infrastructure needed by financial institutions to enable funds to flow efficiently, quickly, and securely.”