Circle Internet Singapore Pte. Ltd. (Circie Singapore) boasted their tremendous accomplishment of receiving a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in a tweet shared on Wednesday. As per the announcement, the esteemed license will allow Circle Singapore to offer digital payment token services along with cross-border money transfer services and domestic money transfer services within Singapore.
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) Май 7, 2023
Circle Singapore is an affiliate of Circle Internet Financial, LLC, which is based and incorporated in Singapore. As the issuer of the world’s second-largest stablecoin USD coin (USDC), a US dollar-pegged stablecoin, Circle Singapore can now offer digital payment token services in the city-state via its various products and services. One of them being Circle Account which renders institutional customers an access to a 24/7 available stablecoin, USDC.
The receipt of the MPI license from MAS highlights the strong reputation of Circle as a responsible digital financial technology company. It further corroborates Circle’s track record and its contributions to the internet-based global financial system, thereby further cementing its position as a trusted and well-regulated operator in Singapore and Asia region.
Now that the Circle Singapore has become a license entity, it can fully leverage the expertise of its corporate affiliates to drive innovations, expand the scope of its services and offerings, and deliver far greater value to its clients and stakeholders.
What did the executives have to say about the event?
The Co-founder and CEO of Circle, Jeremy Allaire, also welcomed the change and mentioned in the press release that the approval from MAS in Singapore, one of the world’s leading financial hubs, would be instrumental to Circle’s regional and global expansion plans in increasing the prosperity of the global economy.
He further added addressed the issuance of the license by saying, “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.”
Circle’s Chief Strategy Officer and Head of Global Policy Dante Disparte also addressed the press and said, “This is a significant step forward for Circle and the future of financial infrastructure and dollar currencies in the region.”
Нэнси Дж. Аллен крипто энтузиаст жана криптовалюталар адамдарды өздөрүнүн банктары болууга шыктандырат жана салттуу акча алмаштыруу системаларынан четтеп кетет деп эсептейт. Ал ошондой эле блокчейн технологиясы жана анын иштеши менен кызыктырат.
Source: https://www.thecoinrepublic.com/2023/06/07/crypto-giant-circle-singapore-obtained-digital-token-license/