Circle Internet Singapore, an affiliate of Circle Internet Financial, has announced that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This license allows the company to provide digital payment token services, as well as cross-border and domestic money transfer services in the city-state.
The company’s offerings include the Circle Account, which provides institutional customers access to USDC, a digital dollar stablecoin issued by the company.
Receiving the MPI license from MAS is a significant milestone for the company Singapore, showcasing the company’s reputation as a responsible digital financial technology firm.
It also solidifies Circle’s position as a trusted and well-regulated operator, contributing to the emerging internet-based global financial system. This achievement represents a major step towards the future of regulated, transparent, and trusted dollar digital currencies in Singapore and the broader Asia region.
As a licensed entity, The company Singapore can now leverage its corporate affiliates’ expertise to drive innovation, expand its product offerings, and deliver increased value to clients and stakeholders.
Regulated dollar digital currencies, such as USDC, serve as the foundation for the development of a new generation of financial services that support the growth of responsible digital assets, blockchain, and Web3 ecosystems.
Circle’s Commitment To Singapore’s Dynamic Economy
Jeremy Allaire, Co-Founder and CEO of Circle, emphasized the importance of Singapore in the company’s global expansion and its mission to promote global economic prosperity through frictionless value exchange.
Allaire said:
We are honored to receive the MPI license from MAS, and we remain committed to being a part of Singapore’s dynamic economy by advancing the future of financial technology innovations in the city-state, uplifting its emerging technology and fintech sector, and creating business and career opportunities for its technology and financial industry talent.
Dante Disparte, Circle’s CSO and Head of Global Policy, believes that the issuance of the license represents a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region.
Disparte asserts that the company remains dedicated to collaborating with forward-thinking leaders and stakeholders globally, furthering Singapore’s position as a hub for responsible financial services innovation.
However, according to the press statement, Circle Singapore’s receipt of the MPI license builds on its existing momentum in the city. The company officially opened its office in May 2023 and has been actively engaging with local initiatives to foster the growth and upskilling of the region’s Web3 developer talent pool.
The company Singapore has also identified Singapore as its principal hub in Asia to cater to its expanding business in the region.
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