Circle Internet Singapore Pvt. Ltd. (Circle Singapore) is an affiliate of Circle Internet Financial LLC that has recently obtained an MPI (Major Payment Institution) license from the MAS (Monetary Authority of Singapore). The license will allow Circle Singapore to provide its users with virtual payment token service and cross-border and domestic money transfer services in the city-state through its products and services, which include the Circle Account. This account gives access to institutional customers to Circle-issued USDC.
USDC is a virtual currency or a stablecoin, available 24×7 and is transferred at internet speed. The receipt of Circle Singapore’s MPI license from the Monetary Authority of Singapore underscores the strong reputation that Circle has earned as a regulated and responsible virtual financial technology firm. In addition to this, this will act as a testament to the contributions of Circle to the trending internet-backed global financial system and its track record that will further cement its status as a well-regulated and trusted operator.
By achieving this milestone, Circle has taken a significant step towards a secure future for the trusted, regulated, and transparent dollar virtual currencies in the country as well as the greater region of Asia. Being a licensed platform, Circle Singapore is now able to entirely leverage the expertise of its business affiliates to welcome innovation, expand its product offerings, and provide greater value to all its stakeholders and clients.
Regulated dollar virtual currencies like the Circle-issued USDC act as a foundation for the new initiation of financial services, supporting the expansion of vibrant digital assets, Web3, and blockchain ecosystems.
According to the CEO and co-founder of Circle, Jeremy Allaire, the global expansion of Circle and its mission of building global economic prosperity through frictionless value exchange is the outcome of Singapore enabling it to happen. The MPI license from the Monetary Authority of Singapore and the dynamic economy will allow the advancement of financial and technological innovations in the future and uplift the emerging fintech and technology sector and thereby creating career and business opportunities for its financial and technology industry talent.
The Chief Strategy Officer and Head of Global Policy at Circle, Dante Disparte, stated that the MPI license that Circle recently obtained represents the team’s continuous commitment to bringing about changes with the most forward-thinking stakeholders and leaders on a global level.
The license issuance builds on the continued momentum of Circle Singapore, which officially started its office recently in May. In February, Circle partnered with Tribe, the first government blockchain ecosystem builder in the country, to introduce its support and novel training program, aiming at upscaling and growing the Web3 developer talent of the region. In November 2022, Circle Singapore got In-Principle Approval as the holder of a Major Payment Institution license from the MAS, and it identified Singapore as the main hub in the entirety of Asia to upscale its business.
