US-based Ripple’s Singapore subsidiary has got in-principle approval for a Major Payments Institution licence, while Indonesia-based TransTRACK has raised $2.1 million in a pre-Series A funding round.
Ripple gets in-principle approval from MAS
Blockchain and crypto solutions firm Ripple‘s Singapore subsidiary has got in-principle approval for a Major Payments Institution licence application from the Monetary Authority of Singapore (MAS).
The licence will allow Ripple to offer regulated digital payment token products and services in the country and scale customers’ use of its crypto-enabled On-Demand Liquidity (ODL) service.
“Singapore is a leading global financial centre and a prominent gateway to business in Asia Pacific. We’re proud to receive an in-principle licence from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally,” said Brad Garlinghouse, CEO of Ripple.
The digital payments firm became a decacorn in 2019 after raising $200 million in its Series C funding round, led by alternative asset investment firm Tetragon and backed by Japan’s SBI Holdings and VC firm Route 66 Ventures.
TransTRACK raises $2.1m led by Ortus Star
Indonesia-based logistics technology firm TransTRACK has raised $2.1 million in a pre-Series A funding round.
Ortus Star led the funding round, while Cocoon Capital and YCAB Ventures participated along with Goldbell Investment, NP Consulting, Damson Capital, and angel investors.
The company plans to use the new funding to expand operations to 100 cities in Indonesia and in other Southeast Asian countries including Malaysia, Singapore, Thailand, Cambodia, and Vietnam, providing an end-to-end supply chain solution for the businesses in the region.
“The funding will allow us to create even more value in the industry and enable us to strengthen our footing in the transportation and logistics industry as an end-to-end supply chain solutions provider. We look forward to serving our customers better by providing a more comprehensive solution in maximising their move by optimising their fleets,” said Anggia Meisesari, CEO of TransTRACK.
TransTRACK offers solutions to companies to increase fleet productivity and utilisation as well as reduce overtime, fuel and labour costs, total distance travelled, and idle time by 30% by digitising their fleet operations.