The Monetary Authority of Singapore (MAS) has issued a Major Payment Institution (MPI) licence to Circle Singapore, a subsidiary of Circle Internet Financial. Circle Singapore may now legally provide its services in the areas of both international and domestic money transfers and digital payment tokens to residents of Singapore. Institutional clients have access to USDC, a digital dollar operating at internet speed and known as a stablecoin, via Circle’s suite of goods and services, including the Circle Account.
Circle Singapore is seen as a trustworthy leader in the digital financial technology industry, and this is reflected in the MAS’s granting of the business an MPI licence. This further establishes Circle as a reliable, well-regulated player in the burgeoning internet-based global banking system. This is a big deal for the future of dollar-denominated digital currencies that are both regulated and transparent in Singapore and the rest of Asia.
The exchange is able to provide more value to its customers, shareholders, and community by drawing on the resources of its parent company and other business partners. Circle’s USDC and other regulated dollar digital currencies are the backbone of a new generation of financial services that facilitate the development of trustworthy digital asset, blockchain, and Web3 ecosystems.
Executives remarks
Circle Co-Founder and CEO Jeremy Allaire recently visited Singapore and spoke about the city-state’s significance to the company’s global development and aim to improve economic prosperity worldwide via frictionless value exchange. Circle is grateful to the MAS for the MPI licence and continues dedicated to fostering innovation in Singapore’s financial technology industry, bolstering the city-state’s burgeoning technology and fintech sectors, and providing employment to Singapore’s tech and finance industry talent pool.
Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, stressed the importance of the licence for the company and the future of financial infrastructure and digital currencies denominated in dollars in the area. Singapore’s reputation as a centre for responsible financial services innovation has been bolstered by the issue of the MPI licence, which demonstrates Circle’s dedication to working with forward-thinking leaders and stakeholders throughout the world.
After successfully launching in Singapore in May 2023, Circle obtained the necessary permits to begin operating legally there. In order to foster and advance Web3 developer talent in the area, the firm has previously collaborated with Tribe, the government-supported blockchain ecosystem builder, on a training and support programme. In addition, in November 2022, Circle Singapore obtained In-Principle Approval as a Major Payment Institution Licence holder from MAS, solidifying the city-state’s status as the company’s primary centre in Asia.
