Circle Singapore Gains MAS Approval for Digital Payments Service

Stablecoin issuer Circle has cemented its presence in Asia by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The license was awarded to the local subsidiary Circle Internet Singapore Pte. Ltd. (Circle Singapore), which opened an office in the city-state last month.

Announced today (Wednesday), the new license will allow the Singapore subsidiary of Circle to offer digital payment token services, along with cross-border and domestic money transfer services. The company can also provide Circle Account, which allows institutional customers access to USDC, a USD-pegged digital currency.

“Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value,” said the co-founder and CEO of Circle, Jeremy Allaire.

“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
Fintech

Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl

Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl
Read this Term sector, and creating business and career opportunities for its technology and financial industry talent.”