Circle Obtains Singapore License for Digital Payments and USDC Stablecoin

Singapore-based Circle Internet Pte. Ltd., a Circle Internet Financial LLC affiliate, recently got a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

Circle Internet Singapore License Boosts Singapore’s Fintech Sector

Singapore’s Circle Internet Pte. Ltd. has secured the highly coveted Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). With this license, Circle Internet Singapore can offer digital token payment services, cross-border money transfers, and domestic money transfer solutions.

This license allows Circle Internet Singapore to provide a wide range of services unavailable to other companies, such as digital token payment services, cross-border money transfers, and domestic money transfers.

It also allows them to manage their own financial systems, meaning they have more control over how they can offer these services to customers.

These services will be available through their diverse portfolio of products, including the Circle Account, tailored for institutional customers. Having received preliminary approval as a major payment institution from local authorities, Circle Singapore only set up shop last month.

Jeremy Allaire, Circle’s co-founder, and CEO, said the company is committed to contributing to Singapore’s economy. The Monetary Authority of Singapore (MAS) also gave him a Major Payment Institution (MPI) license.

“Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity through the frictionless value exchange. 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.”

Circle Singapore Boosts Financial Responsibility and Innovation with Major Payment License 

Getting the Major Payment Institution License emphasizes Circle’s reputation as a responsible digital financial company. The achievement reflects their successful track record and contributions to the Internet-based global financial system. As a regulated digital currency in Singapore, Circle emphasized the significance of this license.

Circle Singapore is licensed to utilize its expertise and drive innovation to its fullest potential. As a result, the company can broaden its services and add value to clients and stakeholders. Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy, said it in a press release.

“This is a significant step forward for Circle and the future of the region’s financial infrastructure and dollar digital currencies. The receipt of the MPI license represents our continued commitment to work with forward-thinking leaders and stakeholders globally and contribution to Singapore’s position as a hub for responsible financial services innovation.”

Circle got the license because of its continued progress and expansion in Singapore. In February 2023, Circle partnered with Tribe, the first government-backed blockchain ecosystem builder.

This partnership clearly indicated Circle’s commitment to the Singaporean market. Circle has also established offices in Singapore and invested in local projects. These efforts have helped demonstrate their commitment to the country and given them the edge over other companies vying for the same license.

A training and support program was launched as a result of this collaboration. Circle’s USDC stablecoin has also gained traction and is now the fifth largest cryptocurrency, with a market cap of over $28 billion on coinmarketcap.