Latest news with #MonicaLong
The Star
18-07-2025
- Business
- The Star
Global fintech firms expanding in Singapore with larger offices, Asia-Pacific hubs
SINGAPORE (The Straits Times/ANN): The region's huge potential as a lucrative market for fintech services is prompting major players to expand their presence here and set up Asia-Pacific hubs. Singapore's business-friendly regulatory regime and proximity to fast-growing economies are making it a key destination for companies in the digital finance sector, they told The Straits Times. Ripple is one firm that recognises the potential. The blockchain payments company opened a bigger office here on July 14. The new workspace at IOI Central Boulevard Towers can accommodate up to 110 employees, well up on its old Robinson Road premises that had a capacity of 74. It has also been hiring, mostly staff in business development, sales, markets and for RippleX – a business unit within Ripple that provides resources for developers to build on the public blockchain XRP Ledger. Singapore, the firm's Asia-Pacific headquarters, handles 50 per cent of Ripple's digital asset payment flows. Ripple president Monica Long pointed to Singapore's significance as a hub, citing the country's clear regulatory framework and support for innovation. 'We see even more opportunity because of the broader global trend with stablecoin payments. We see that opportunity being especially big in the Asia-Pacific, so Singapore being our hub, we expect to grow that business here,' said Ms Long. Stablecoins – a cryptocurrency pegged to another asset such as fiat currency – can be used by businesses transferring funds across borders. Ms Long told ST at Apex 2025, an annual summit for the XRP Ledger community, that Singapore was chosen to host the event in June due to 'the really great collaboration with the Economic Development Board to foster the start-up ecosystem'. Ripple's expansion here mirrors similar moves by other fintech players. British-headquartered digital payments company Wise expanded its Asia-Pacific hub in April. Its new 31,800 sq ft office at Paya Lebar Quarter 3 is 25 per cent larger than its previous space at Paya Lebar Quarter 2. The Singapore team has more than doubled to over 600 since 2022, spanning functions such as engineering, operations, customer service and compliance. Singapore chief executive Shrawan Saraogi, who is also head of Wise's Asia-Pacific expansion, said many of its products, such as the debit card, were rolled out here. A local team led the design, build and launch of the card globally. The Asia-Pacific contributed about 22 per cent of its global revenue for the year ended March 31, 2025, while turnover for the region grew 22 per cent year on year. Mr Saraogi said coping with the different regulations in each country is one of the biggest challenges of expanding in the region. 'In contrast to Europe, where a single licence can be used across multiple markets, every country in Asia needs its own unique set of regulatory permissions before we can offer our services,' he noted. The company overcomes this by spending time understanding local regulations, building strong relationships with regulators and partners, and getting to know customer needs. 'All this is supported by opening local offices and hiring local team members. Having people on the ground... makes a big difference in our expansion journey,' said Mr Saraogi. April was also when Juspay, a global payments technology company based in India, opened an office in Robinson Road to serve as its regional base. The firm also announced a regional partnership with travel giant Agoda, which has adopted a range of Juspay's services. Mr Ishan Sharma, head of business development, said that a significant number of Juspay's India-based clients were expanding into the Asia-Pacific and the firm was getting requests to integrate some payment methods used in these markets. The firm saw the need to have a local presence and hire local talent. The teams started travelling to Singapore in 2023 for market research and created an entity here in November 2024. There are four local hires in the Singapore office, with plans to recruit more, said Mr Sharma. The firm is in discussions with Asian airlines and financial institutions like banks as well as fintech players to provide technology infrastructure. Mr Sharma said a major hurdle faced when setting up in a new market was helping merchants and clients understand the firm's value proposition. 'Making people understand what we do, how it can benefit them – in the initial year or two, it was a challenge,' he said. However, Mr Sharma is not deterred by the different regulations in Asia, given that the firm has experience navigating a heavily regulated market like India. 'Our learnings in the Indian ecosystem are only helping us there. We don't see that as a challenge, we see that as an opportunity,' he added.-- The Straits Times/ANN
Arabian Post
28-04-2025
- Business
- Arabian Post
Ripple announces no IPO plans for 2025 despite growth
Ripple has made it clear that it will not be pursuing an initial public offering in 2025, despite its strong financial position and ongoing expansion in the digital payments sector. The company, led by President Monica Long, stated that it does not require additional capital or increased visibility at this stage. Ripple's decision to forgo an IPO has sparked curiosity, particularly given the company's prominent role in the cryptocurrency and blockchain industries. Founded in 2012, Ripple's blockchain-based payment solutions have gained significant traction among financial institutions, providing faster and more efficient cross-border payment systems. However, despite this growth and increasing adoption, Ripple believes its financial strength and current business model make an IPO unnecessary at this time. Ripple's business model, which revolves around facilitating real-time, low-cost international money transfers, has been lauded for its potential to revolutionise global payments. The company's flagship product, RippleNet, has been adopted by several large financial institutions and remittance services worldwide. This widespread adoption has allowed Ripple to expand its network while maintaining a steady revenue stream, enabling the company to self-fund its operations and future developments without the need for external capital. Monica Long, who took over as Ripple's president in 2022, reinforced this position during recent statements, explaining that the company is not in a position where it must seek additional funding to fuel its growth. Long highlighted Ripple's profitability, strong balance sheet, and ability to continue expanding its operations without relying on public market funding. 'We are financially sound and focused on executing our long-term strategy,' Long said. 'An IPO is simply not a part of our plan for 2025.' The announcement comes at a time when many technology and blockchain firms have been considering IPOs to capitalise on favourable market conditions. However, Ripple's decision to stay private also reflects broader trends in the blockchain and cryptocurrency industries. Despite the rise in popularity of blockchain-based financial services and decentralised finance , many blockchain companies have opted to remain private, citing concerns over regulatory challenges and market volatility. Ripple's unique position in the industry also plays a role in its decision to remain private. Unlike other cryptocurrency companies, Ripple has faced significant legal challenges, particularly from the U.S. Securities and Exchange Commission . The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that the company had conducted an unregistered securities offering through the sale of its XRP token. While the lawsuit is ongoing, Ripple has managed to continue its operations and expand its offerings, positioning itself as a leader in the global payments space. The case with the SEC has been closely watched by the broader cryptocurrency community, with many viewing it as a potential turning point for the regulation of digital assets. Should Ripple win its case, it could have significant implications for the entire crypto industry, potentially providing greater clarity on how digital assets are regulated and whether tokens like XRP are considered securities. Despite the legal hurdles, Ripple has continued to strengthen its partnerships with global financial institutions. The company has worked with major players such as Santander, American Express, and PNC to integrate Ripple's payment solutions into their operations. These partnerships, along with Ripple's expansion into new markets such as Asia and the Middle East, have been key to the company's growth and continued success. See also KuCoin Secures Thai Market Entry with Full Regulatory Backing Ripple's stance on an IPO also reflects broader changes in the IPO market itself. While some tech firms still opt to go public in order to fuel further growth, others are increasingly choosing to stay private, preferring to raise capital through private funding rounds rather than public markets. This shift is part of a broader trend in the tech industry, where companies are opting for more flexibility and control over their operations. Ripple's decision not to pursue an IPO has been met with mixed reactions in the industry. On one hand, some analysts argue that an IPO could have provided Ripple with a valuable opportunity to boost its profile and raise capital for expansion. On the other hand, others see the company's decision to stay private as a sign of financial maturity and stability. Ripple's ability to sustain its operations and continue to grow without relying on public market funding is a testament to the strength of its business model. As the cryptocurrency landscape continues to evolve, Ripple's choice to remain private will likely be watched closely by other firms in the space. The company's success or failure in the coming years will offer valuable insights into the potential benefits and drawbacks of staying private in an increasingly public-facing industry. Arabian Post – Crypto News Network
CNBC
24-04-2025
- Business
- CNBC
Ripple president Monica Long on stablecoins, Trump and tokenization
In this episode of Beyond the Valley, Monica Long, President of Ripple, joins CNBC's Arjun Kharpal to talk about the state of the crypto market and what President Donald Trump means for the industry. Long also discusses Ripple's stablecoin and the current push towards so-called real-world asset tokenization.
