Circle takes Singapore’s Fintech Industry by Storm with New Major Payment Institution License
- Circle has obtained a Major Payment Institution (MPI) license in Singapore.
- The license allows Circle Singapore to offer digital payment token services.
- Circle Singapore can also offer cross-border and domestic money transfer services.
Circle, a fintech firm, has achieved a major milestone in its Asian expansion efforts. The Monetary Authority of Singapore (MAS) has granted Circle Singapore a Major Payment Institution (MPI) license, which empowers the company to offer invaluable digital payment token services, cross-border money transfer services, and domestic money transfer services.
Circle Singapore has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The license allows Circle Singapore to offer digital payment token services, alongside cross-border money transfer services and domestic money transfer services…
— Patrick Hansen (@paddi_hansen) June 7, 2023
Significance of this License
This MPI license provides Circle with a strategic advantage in Singapore’s growing digital payments sector, which is projected to expand exponentially in the coming years. Jeremy Allaire, Circle’s CEO, expressed his delight about the company’s new license and announced that Circle is one step closer to achieving its mission to make sending, receiving, and utilizing digital currencies and digital dollars more accessible for people and businesses.
The finance and technology communities have reacted positively to the news of Circle’s MPI license. Financial experts anticipate that the license will enhance Singapore’s reputation as a hub for fintech innovation and digital payments.
Benefits of the License
With the MPI license in hand, Circle Singapore can now offer digital payment token services, further diversifying its range of services and enhancing its capabilities in the digital payments sector.
The Circle Singapore’s new MPI license will allow them to provide their customers with top-quality cross-border money transfer services. This will make international transactions easier, more cost-effective, and more efficient for consumers. Additionally, the MPI license that Circle Singapore has secured will enable them to offer domestic money transfer services.
This will provide customers with more accessible options to conveniently transfer money within Singapore. Circle Singapore’s MPI license gives them a significant edge in the digital payments market in Singapore, which is anticipated to expand substantially in the foreseeable future.
Circle Singapore Until Now
Circle Singapore has been making waves in the city and the issuance of its license is the latest feat on its list. Since officially opening its doors in May 2023, the company has been actively collaborating with Tribe, the country’s pioneering blockchain ecosystem builder.
Together, they launched a unique training and support program in February 2023 that focused on developing and upgrading the skills of Web3 developers in the region. The enthusiasm that Circle Singapore has shown for Singapore’s blockchain scene has not gone unnoticed.
The organization was granted preliminary authorization by MAS to hold a Major Payment Institution License in November 2022. This achievement has only reinforced Circle’s decision to establish Singapore as its main Asian hub, catering to its expanding business throughout the region.
Summary:
Circle’s acquisition of the MPI license in Singapore represents a remarkable moment for the company and the wider digital payments landscape in Asia. Its attainment of this influential license will enable Circle to broaden its horizons in the region, providing customers with an even wider array of options for accessing digital payments. What’s more, their achievement underlines the company’s unwavering commitment to rigid regulatory compliance, whilst furthering their ultimate goal of democratizing digital payments for all.
