Circle has announced plans to expand to and invest in the Singapore market and initiate the application process to obtain applicable Singapore licenses and registrations. In connection with this application process, Circle will be establishing a hub for the broader Asia-Pacific market based in Singapore.
Also the principal operator of USD Coin (USDC), a fully reserved dollar digital currency, Circle is looking for partners to experiment in stablecoin innovations in the Singapore market as part of a Lighthouse Project with the Monetary Authority of Singapore (MAS) observing and guiding the design of the project. The initiative aims to demonstrate how digital currencies, open payment systems, and innovation-forward fintech regulations can solve business and regulatory challenges while fueling economic growth and Web3 financial innovations.
“MAS has always been at the forefront of fintech innovation,” said Jeremy Allaire, Co-founder and CEO of Circle. “We are honored to work with MAS and look forward to collaborating with Singaporean businesses on our innovation initiatives.”
“We welcome Circle as the operator of one of the world’s fastest growing stablecoins,” said Sopnendu Mohanty, Chief Fintech Officer at MAS of Circle’s new commitments to the region. “We know they will bring innovation, investment and opportunity to Singapore and we look forward to supporting their lighthouse project.”
With MAS’s support and enthusiasm, Circle is expanding its business horizons and building the always-on global infrastructure needed for fintech experimentation and innovation.
As Circle looks to deepen its commitment to the region, Circle Co-Founder, Chairman and CEO Jeremy Allaire and CSO and Head of Global Policy Dante Disparte are participating as speakers during the Singapore Fintech Festival 2021.
