Circle Singapore Secures Major Payment Institution License

Circle Internet Singapore Pte. Ltd. (Circle Singapore), a subsidiary of Circle Internet Financial, LLC (Circle), has recieved the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Circle is a global digital financial technology firm and the issuer of USD Coin (USDC) and Euro Coin (EUROC).

With the new license, Circle Singapore can provide digital payment token services, alongside cross-border money transfer services and domestic money transfer services in the city-state. The firm has taken Singapore as its principal hub in Asia to service its growing business in the region.

The affiliate obtained In-Principle Approval as a MPI license holder in November 2022, and officially opened its office in the country in May 2023.

"This is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region," said Dante Disparte, Circle's Chief Strategy Officer and Head of Global Policy. "The receipt of the MPI license represents our continued commitment to work with forward-thinking leaders and stakeholders at a global level and contribution to Singapore's position as a hub for responsible financial services innovation."

"Singapore is integral to Circle's global expansion and mission in raising global economic prosperity and through the frictionless exchange of value," said Jeremy Allaire, Co-Founder and CEO of Circle. "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."

In March, Circle unveiled its plan to grow its presence in Europe, and was seeking regulatory approvals in France​ to become both a licensed Electronic Money Institution and a registered Digital Asset Service Provider (DASP). Besides, France would become a key hub for Circle's operations in the continent.