Singapore-headquartered Circle Internet Pte. Ltd., an affiliate of Circle Internet Financial LLC, recently received a major payments institution (MPI) license from the Monetary Authority of Singapore (MAS).
Singapore’s Circle Internet Pte. Ltd. has been awarded the much-sought-after Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). With this license, Circle Internet Singapore can provide digital token payment services, cross-border remittances, and domestic remittance solutions.
The license enables Circle Internet Singapore to offer a variety of services that other companies cannot provide, such as digital token payment services, cross-border remittances, and domestic remittances.
It also allows them to manage their own financial systems, which means they have more control over how these services are provided to their customers.
These services will be offered through their diverse product portfolio, which includes the Circle Account, tailored for institutional clients. Circle Singapore was established only last month after receiving preliminary approval from local regulators as a major payments institution.
Jeremy Allaire, co-founder and CEO of Circle, which was also granted a major payments institution (MPI) license by the Monetary Authority of Singapore (MAS), said the company is committed to contributing to Singapore’s economy.
“Singapore is critical to Circle’s global expansion and mission to increase global economic prosperity through frictionless value exchange. We are honored to have been awarded the MPI license by MAS, and we remain committed to being part of Singapore’s vibrant economy by advancing financial technology innovation in the city-state, elevating its emerging technology and fintech sectors, and creating business and career opportunities for its technology and financial industry talent.”
Obtaining the Major Payment Institution License underscores Circle’s reputation as a responsible digital financial company. This achievement reflects their successful track record and contributions to the global internet-based financial system. As a regulated digital currency in Singapore, Circle emphasized the importance of this license.
The license will allow Circle Singapore to leverage its expertise and drive innovation, so the company can expand its services and add value to its clients and stakeholders, Circle Chief Strategy Officer and Global Head of Policy Dante Disparte said in a press release.
“This is an important development for Circle and the future of financial infrastructure and digital dollar currency in the region. Receiving the MPI license represents our continued commitment to working with forward-looking leaders and stakeholders around the world, and to contributing to Singapore’s position as a hub for innovation in responsible financial services.”
Circle was able to obtain the license due to their continued progress and expansion in Singapore. In February 2023, Circle partnered with Tribe, the first government-backed blockchain ecosystem builder.
This partnership is a clear demonstration of Circle’s commitment to the Singapore market. Circle has also established an office in Singapore and invested in local projects. These efforts help demonstrate their commitment to the country and give them an edge over other companies vying for the same license.
As a result of this collaboration, they launched a training and support program. Circle’s USDC stablecoin also gained recognition and is the fifth largest cryptocurrency with a market cap of over $28 billion.
Join our Telegram channel to get the latest news coverage.
English 
Chinese (China) 
Chinese (Hong Kong) 