Circle Singapore granted Major Payment Institution (MPI) license

Circle revealed that its Singapore arm received a new license from the nation’s central bank on Wednesday (7 June). That comes as the USDC issuer dig deep into the Asian marketplace. Meanwhile, the Major Payment Institution certificate will allow Circle to offer digital token payments.

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) June 7, 2023

Circle digs into the Asian market with a new license

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The announcement shows the certificate from the Monetary Authority of Singapore will enable Circle to offer virtual payment services. Also, the stablecoin issuer can offer domestic and cross-border cash transfer services.

Moreover, Circle Singapore can operate Circle Account to enable institutional clients to access stablecoin’s ‘digital dollar’ USDC. Circle believes the certification underscores its massive reputation as a legit fintech company.

Further, the move shows its contributions to the upcoming internet-based financial system as a well-regulated and trusted operator. The firm promises Singapore and the Asian region transparent and regulated digital dollar currencies.

Circle pushes for global expansion

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The MPI license will allow Circle Singapore to leverage its affiliates for increased innovation, expanding its services while ensuring enhanced value for stakeholders and customers.

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The announcement indicated that monitored digital currencies, such as Circle’s USDC, are essential for a new generation of financial services that ensure the growth of responsible digital assets, blockchain, & web3 industries.

Some @circle news. We just received our Major Payment Institution license in Singapore, as part of our significant global expansion and effort to bring the power of USDC and stablecoins to more markets. https://t.co/kMhyHNP7Jj

— Jeremy Allaire (@jerallaire) June 7, 2023

Circle CEO and co-founder Jeremy Allaire stated that Singapore is vital for the company’s worldwide expansion to ensure global economic prosperity. He added that Circle Singapore would remain dedicated to uplifting the country’s tech and financial sectors.