Circle Singapore gets MAS licence to offer digital payment token services
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The licence will allow the firm to offer cross-border and domestic money transfer services in Singapore via its products. Credit: Circle Internet Singapore
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SINGAPORE – Global payments firm Circle Internet Financial’s Singapore entity has been granted a full licence from the Monetary Authority of Singapore to offer digital payment token services here.
Circle Internet Singapore (Circle Singapore) on Wednesday said it has obtained a major payment institution licence that will also allow it to provide cross-border and domestic money transfer services in Singapore via its products such as the Circle account.
The account allows institutional customers access to USDC, a stablecoin issued by the group.
The grant comes after the Singapore arm, which has a team of about 30, received an in-principle approval last November.
It also follows the official opening of Circle Singapore’s office in May.
The company said that as a licensed entity, it can now fully leverage its corporate affiliates’ expertise to drive innovation, expand its offerings and deliver greater 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 the group’s co-founder and chief executive Jeremy Allaire.
In February, Circle Singapore worked with Tribe, the country’s first government-supported blockchain ecosystem builder, on a training and support programme aimed at growing and upskilling the region’s Web3 developer talent pool.
