According to @CoinMarketCap, Ripple's Singapore subsidiary received approval from the Monetary Authority of Singapore to expand and enhance its regulated payment activities under its Major Payment Institution license on Dec 1, 2025, source: @CoinMarketCap on X. MAS states that Major Payment Institution licensees can provide specified payment services such as cross-border money transfer, domestic money transfer, merchant acquisition, e-money issuance, digital payment token services, and money-changing subject to license scope and conditions, source: Monetary Authority of Singapore. Ripple previously announced that MAS granted Ripple Markets APAC Pte Ltd a full Major Payment Institution license for digital payment token services in October 2023, source: Ripple press release (Oct 4, 2023). Ripple notes that its On-Demand Liquidity product uses XRP to facilitate cross-border payments in corridors where offered, source: Ripple product documentation. Singapore serves as Ripple’s Asia-Pacific headquarters, underscoring the regional significance of MAS licensing actions for crypto-enabled payments infrastructure, source: Ripple company statements.