Circle Singapore, an affiliate of Circle Internet Financial, announced a major achievement in its journey toward becoming a prominent player in the digital financial technology sector. The company has successfully acquired its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license enables Circle Singapore to provide a wide range of financial services, including digital payment token services and cross-border and domestic money transfers within Singapore.
The acquisition of the MPI license is a significant milestone for Circle Singapore, establishing it as a trusted and well-regulated operator in the digital financial landscape. This achievement further solidifies Circle’s reputation as a responsible participant in the emerging global financial system, which heavily relies on internet-based technologies.
Circle Singapore expands presence and collaborations in Singapore
Circle Singapore’s journey to securing the MPI license has been marked by strategic initiatives and collaborations within Singapore. In May 2023, the company officially inaugurated its office, cementing its presence in the region and demonstrating its commitment to the local market. Earlier this year, Circle Singapore joined forces with Tribe, a government-supported blockchain ecosystem builder, to launch a comprehensive training and support program to nurture and upskill Web3 developer talent. These endeavors highlight Circle Singapore’s dedication to driving innovation and contributing to the growth of Singapore’s technology and fintech sectors.
The MPI license empowers Circle Singapore to leverage the expertise of its corporate affiliates, opening up avenues for innovation, expansion, and delivering enhanced value to clients and stakeholders. Circle Singapore’s Circle Account, which grants institutional customers access to USDC, the second-largest stablecoin by market capitalization, will play a pivotal role in the company’s offerings. USDC, a digital dollar issued by Circle, operates seamlessly on a 24/7 basis and facilitates efficient and secure transactions, enabling users to conduct their financial activities confidently.
Circle Singapore’s commitment to compliance and transparency is evident through its adherence to the stablecoin rules proposed by MAS last year. These rules set capital and reserve requirements for stablecoin issuers, to foster a responsible financial ecosystem. Circle Singapore is dedicated to maintaining a transparent and well-regulated financial environment by complying with these regulations.
Jeremy Allaire, Co-Founder and CEO of Circle, expressed gratitude for the MPI license, recognizing Singapore’s integral role in Circle’s global expansion plans. Allaire emphasized the company’s mission to drive global economic prosperity through frictionless value exchange. Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy, emphasized the significance of the MPI license for Circle’s financial infrastructure and the future of dollar digital currencies in the region. He also stressed Circle’s commitment to collaboration and innovation, further bolstering Singapore’s position as a hub for responsible financial services innovation.
With the MPI license, Circle Singapore is well-positioned to shape the digital payment token services landscape and drive financial technology innovations within Singapore’s dynamic economy.