Circle receives Major Payment Institution license

By Delisha Fernandes

Circle announced it has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The license allows Circle Singapore to offer digital payment token services and cross-border and domestic money transfer services in the city-state.

Circle Singapore’s receipt of the MPI license from MAS underscores Circle’s strong reputation as a responsible digital financial technology company. Additionally, it is a testament to Circle’s track record and contributions to the emerging internet-based global financial system, further cementing its position as a trusted and well-regulated operator.

As a licensed entity, Circle Singapore can fully leverage its corporate affiliates’ expertise to drive innovation, expand its offerings, and deliver excellent value to its clients and stakeholders.

“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 honoured 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.”

“This is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region,” said Dante Disparte, Chief Strategy Officer and Head of Global Policy Circle. “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.”