Circle Singapore Secures Major Payment Institution License for Digital Payment Token Services
Circle Internet Singapore Pte. Ltd. (Circle Singapore), an affiliate of Circle Internet Financial, LLC (Circle), has successfully obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license authorizes Circle Singapore to provide digital payment token services, cross-border money transfer services, and domestic money transfer services within Singapore’s jurisdiction. Circle Singapore offers a range of products and services, including the Circle Account, which grants institutional customers access to USDC, a digital dollar or stablecoin issued by Circle. USDC operates as a fast and available 24/7 digital currency.
The acquisition of the MPI license by Circle Singapore reinforces Circle’s reputation as a responsible digital financial technology company. It highlights Circle’s contributions to the emerging global financial system based on internet technology and establishes the company as a trusted and well-regulated operator. This milestone represents a significant advancement for regulated, transparent, and trusted dollar digital currencies, not only in Singapore but also in the broader Asia region.
As a licensed entity, Circle Singapore can leverage the expertise of its corporate affiliates to drive innovation, expand its offerings, and provide greater value to its clients and stakeholders. Regulated dollar digital currencies, including USDC issued by Circle, form the foundation for a new generation of financial services that support the growth of responsible digital assets, blockchain, and web3 ecosystems.
Jeremy Allaire, Co-Founder and CEO of Circle, expressed his appreciation for Singapore’s role in Circle’s global expansion and mission to promote global economic prosperity through seamless value exchange. Allaire emphasized the honor of receiving the MPI license from MAS and reiterated Circle’s commitment to contribute to Singapore’s dynamic economy by advancing financial technology innovations, fostering the emerging technology and fintech sector, and creating business and career opportunities for technology and financial industry professionals.
Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy, emphasized the significance of the MPI license for Circle and the future of financial infrastructure and dollar digital currencies in the region. Disparte highlighted Circle’s commitment to collaborating with forward-thinking leaders and stakeholders at a global level and contributing to Singapore’s position as a hub for responsible financial services innovation.
The issuance of the MPI license builds upon Circle Singapore’s momentum in the city. In May 2023, Circle Singapore officially established its office. In February 2023, the company collaborated with Tribe, a government-supported blockchain ecosystem builder in Singapore, to implement a unique training and support program aimed at nurturing and upskilling the region’s Web3 developer talent pool. In November 2022, Circle Singapore received In-Principle Approval as a Major Payment Institution License holder from MAS, with Singapore identified as Circle’s principal hub in Asia to serve its growing business in the region.
