Circle Internet Financial, LLC, known as Circle, has received approval from Singapore’s Monetary Authority of Singapore for its Singapore affiliate, to carry out activities as a Major Payment Institution.
It is allowed to offer digital payment tokens, as well as international and local money transfer facilities in Singapore via its products and services. The C Account, a product provided by Circle, enables institutional customers to use USDC. USDC, a digital dollar created by Circle, can be utilized all day and moves at the speed of the internet.
It is now officially licensed, enabling it to take advantage of its network of corporate associates to create:
New solutions, offerings and experiences for its customers. It has developed a digital currency linked to the US dollar, known as USDC, which will provide new financial services and drive the growth of:
Secure digital assets, blockchain and web3 technology.
Co-Founder and CEO of Circle, Jeremy Allaire, said:
Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value. 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.
Chief Strategy Officer and Head of Global Policy, Dante Disparte, said:
This is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region. 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.
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