Circle Singapore, an affiliate of the financial services company, Circle, has announced the acquisition of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), facilitating the platform’s services in Singapore. According to the announcement, the license would permit Circle Singapore to provide digital payment token services, and money-transfer services in the island country.
Jeremy Allaire, the co-founder and CEO of Circle, commented on the vast possibilities in Singapore for Circle’s global expansion and its “mission in raising global economic prosperity”. He also shared his honor in receiving the license, quoting:
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.
The firm asserted that by becoming a licensed entity, the company could expand its offerings, providing better services to its customers and community. The press release also mentioned the Circle Account, an exclusive service of Circle that provides access to Circle-issued USDC to institutional customers.
Further, the statement reiterated the platform’s reputation as a responsible digital finance company that is proven by receiving the license. In addition, it was asserted that the license is a result of Circle’s track record and contributions that benefitted the crypto space as a whole.
In November 20222, Circle received the In-Principle Approval as a Major Payments Institution License holder from the MAS, authorizing the platform to provide services to the nation. It was in May 2022, that Circle initially expressed its plans of establishing a regional hub in Singapore, identifying the potential scopes in the region. Upon the decision, the platform has begun to be invested in the official procedures of licenses and registrations.
