Friday, 14 June 2024

Circle Singapore obtains major payment institution licence

5 min read

Circle Internet Singapore Pte. Ltd. (Circle Singapore), an affiliate of Circle Internet Financial, LLC (Circle), has obtained a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS).

The licence allows Circle Singapore to offer digital payment token services, alongside cross-border and domestic money transfer services in the city-state via its various products and services, including the Circle Account, which allows institutional customers access to USDC. USDC, issued by Circle, is a digital dollar, also known as a stablecoin, that is available 24/7 and moves at internet speed.

Circle Singapore’s receipt of the MPI licence from MAS underscores Circle’s strong reputation as a responsible digital financial technology company. Additionally, it is a testament to Circle’s track record and contributions to the emerging internet-based global financial system, further cementing its position as a trusted and well-regulated operator. This milestone signifies a huge step forward for the future of regulated, transparent, and trusted dollar digital currencies in Singapore and the greater Asia region.

As a licensed entity, Circle Singapore can now fully leverage its corporate affiliates’ expertise to drive innovation, expand its offerings and deliver greater value to its clients and stakeholders. Regulated dollar digital currencies, such as USDC issued by Circle, are the foundation of a new generation of financial services that supports the growth of vibrant responsible digital assets, blockchain and web3 ecosystems.

Jeremy Allaire, co-founder and CEO of Circle, said: “Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value. We are honoured to receive the MPI licence 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, chief strategy officer and head of global policy, at Circle, said: “This is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region. The receipt of the MPI licence represents our continued commitment to work with forward-thinking leaders and stakeholders at a global level and contribution to Singapore’s position as a hub for responsible financial services innovation.”

The issuance of the licence builds on Circle Singapore’s continued momentum in the city. Circle Singapore officially opened its office in May 2023. In February 2023, Circle Singapore collaborated with Tribe, the country’s first government-supported blockchain ecosystem builder, on a novel training and support programme aimed at growing and upskilling the region’s Web3 developer talent pool. In November 2022, Circle Singapore received in-principle approval as an MPI licence holder from MAS and Circle identified Singapore as its principal hub in Asia to service its growing business in the region.

Re-disseminated by The Asian Banker

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