Circle announced plans to establish a hub in Singapore in what the digital payment company calls a key part of its global expansion plans.
“You cannot build an always-on, global internet finance business without considering Singapore as a hub,” said Dante Disparte, Circle’s Chief Strategy Officer and Global Head of Policy, in the press release. “The Monetary Authority of Singapore (MAS) has been an extraordinary regulatory partner as we have looked to expand our business horizons and invest in the Singaporean market.”
The company will hire a Singapore-based leadership team for the hub and will submit applications to obtain the applicable licenses and registrations. Circle, the principal operator of USD Coin, is also looking for partners to test stablecoin innovations in the local market with MAS observing and guiding the project design.
Circle earlier this year announced plans to go public through a reverse merger with Concord Acquisition Corp, a publicly-traded special acquisition company. The deal will value Circle at $4.5 billion and is expected to close before the end of the year.
Earlier on Tuesday, Circle launched the Circle Ventures fund to back early-stage investments in blockchain companies.