Circle Singapore Gets Full License to Offer Digital Payment Token Servicesby Fintech News Singapore June 7, 2023
Circle Singapore, a peer-to-peer payments technology company that manages stablecoin USDC, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
The license allows Circle Singapore to offer digital payment token services, alongside cross-border money transfer services and domestic money transfer services in the island state.
This includes the Circle Account which allows institutional customers access to USDC that is available 24/7.
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 a Major Payment Institution License holder from MAS.
Circle has intended for Singapore to be its principal hub in Asia to service its growing business in the region.
“Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value.
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.”
said Jeremy Allaire, Co-Founder and CEO of Circle.
“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 license 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.”
said Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy.
Fintech News Singapore previously spoke with Dante just after Circle Singapore had secured the in-principle approval. Watch the full interview here: