Circle Internet Singapore, a subsidiary of Circle Internet Financial, has successfully obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the firm announced in a statement this morning.
The license allows Circle Singapore to offer digital payment token services, cross-border money transfer services, and domestic money transfer services in Singapore, utilizing its suite of products and services, including the Circle Account, which provides institutional customers with access to USDC, a stablecoin issued by Circle.
Just last week, the MAS also awarded Crypto.com an MPI license for Digital Payment Token (DPT) services, which is also held by DBS Vickers, Digital Treasure Center, Fomo Pay, Independent Reserve, Metacomp, Paxos, Revolut, Sparrow Tech and Hako.
The issuance of the MPI license also enables Circle Singapore to leverage its corporate affiliates' expertise and drive innovation, ultimately delivering greater value to its clients and stakeholders. Regulated dollar digital currencies like USDC serve as a foundation for a new generation of financial services, supporting the growth of responsible digital assets, blockchain, and Web3 ecosystems, Circle noted.
In the statement, Jeremy Allaire, co-founder and CEO of Circle, expressed his enthusiasm for the company's expansion in Singapore, saying the company is "committed to driving financial technology innovations in Singapore, supporting its emerging technology and fintech sector, and creating opportunities for local talent in the technology and financial industries."
The acquisition of the MPI license signifies a significant step forward for the future of regulated, transparent, and trusted dollar digital currencies not only in Singapore but also throughout the greater Asia region. It demonstrates the growing acceptance and recognition of digital currencies as a legitimate and important part of the financial ecosystem.
Dante Disparte, Circle's chief strategy officer and head of global policy, highlighted the license's significance for Circle and its commitment to collaborating with global leaders and stakeholders to drive responsible financial services innovation. Disparte emphasized the company's dedication to contributing to Singapore's position as a hub for cutting-edge financial services.
Circle Singapore has been making notable progress in Singapore in recent months. In May 2023, the company officially opened its office, solidifying its presence in the city-state. Additionally, Circle Singapore partnered with Tribe, Singapore's government-supported blockchain ecosystem builder, to launch a unique training and support program aimed at nurturing and upskilling the region's Web3 developer talent pool.