Photo credit: Circle
Circle Internet Financial, the issuer of stablecoin USD Coin (USDC), said its Singapore arm won a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
The license enables Circle Singapore to provide digital payment token services, as well as domestic and cross-border money transfer services. As a licensed entity, it can also fully leverage its corporate affiliates’ expertise to expand its offerings.
“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, CEO and co-founder of Circle Internet Financial, in a statement.
Circle officially opened its Singapore office in May 2023, around a year and a half after the company announced its plans to invest in the city-state and make it a hub for the broader Asia-Pacific market.
Singapore-based Crypto.com also recently received an MPI license from MAS, allowing the crypto exchange to continue expanding its digital payment token services in the country. Other licensed players in the city-state include crypto trading platform Coinhako and fiat-to-crypto payments firm DTC.
See also: SG digibank GXS trails Trust in adoption as deposit cap hampers growth
Editing by Dhania Putri Sarahtika
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