Circle Singapore Secures MPI License From MAS
Circle Internet Singapore Pte. Ltd. (Circle Singapore), an affiliate of Circle Internet Financial, LLC (Circle), has successfully secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This significant milestone enables Circle Singapore to offer digital payment token services, cross-border money transfer services, and domestic money transfer services within Singapore using its range of products and services, including the Circle Account, which grants institutional customers access to USDC.
We are honored and excited to share that Circle Singapore has obtained a Major Payment Institution (MPI) License from @mas_sg! https://t.co/RZSfeBZiqJ
Now, we can offer digital payment token services alongside cross-border and domestic money transfer services in Singapore and…
— Circle (@circle) June 7, 2023
Circle’s MPI License
USDC, a digital dollar or stablecoin issued by Circle, operates 24/7 and facilitates fast transactions at internet speed. The acquisition of the MPI license from MAS not only solidifies Circle Singapore’s reputation as a responsible digital financial technology company but also reaffirms Circle’s position as a trusted and well-regulated operator within the emerging internet-based global financial system. This development marks a crucial step toward the future of regulated, transparent, and trusted dollar digital currencies not only in Singapore but also throughout the greater Asia region.
With this license, Circle Singapore is now empowered to leverage its corporate affiliates’ expertise to drive innovation, expand its offerings, and provide increased value to its clients and stakeholders. Regulated dollar digital currencies, such as USDC, form the foundation of a new generation of financial services that foster the growth of responsible digital assets, blockchain, and web3 ecosystems.
Jeremy Allaire, Co-Founder and CEO of Circle, emphasized the importance of Singapore in the company’s global expansion, stating, “Singapore is integral to Circle’s mission of advancing global economic prosperity through frictionless value exchange.” Allaire expressed gratitude for receiving the MPI license from MAS and highlighted Circle’s commitment to driving financial technology innovations in Singapore, contributing to the city-state’s emerging technology and fintech sector, and creating business and career opportunities for technology and financial industry talent.
Circle’s Journey in Singapore
Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy hailed the issuance of the MPI license as a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region. Disparte stressed Circle’s dedication to collaborating with forward-thinking leaders and stakeholders globally, further enhancing Singapore’s position as a hub for responsible financial services innovation.
This license issuance follows Circle Singapore’s recent momentum in the city, including the official opening of its office in May 2023. In February 2023, Circle Singapore partnered with Tribe, Singapore’s first government-supported blockchain ecosystem builder, to launch a 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, designating Singapore as Circle’s primary hub in Asia for servicing its expanding business in the region.
