Global internet finance firm Circle has announced plans to set up a regional hub in Singapore as part of its expansion plans.
Boston-headquartered tech company Circle mainly focuses on providing internet-based and financial infrastructure to businesses. The firm has an ongoing initiative to set roots in different cities in the world.
Singapore is the Beacon for Global Fintech Investment
Circle’s Chief Strategy Officer (CSO) and Global Head of Policy, Dante Disparte, stated that one could not build an always-on global internet finance business without considering Singapore as the hub. Disparte described Singapore as the beacon for a global fintech investment from a geographical, talent, and vantage point of view.
With this in mind, Circle plans to initiate the application process to acquire the required Singapore licenses and registration. The Boston-headquartered tech company Circle will be hiring employees and opening an office in Singapore.
The leadership will likely also be a Singaporean hire. Moreover, Circle is also searching for partners to test stablecoin innovations in Singapore as part of its Lighthouse project. It is, therefore, dire that Circle gets approval from Singapore authorities.
Global internet finance firm Circle is hopeful of the outcome with regulatory authorities of the Southeast nation. Circle CSO Dante Disparte mentioned that the Monetary Authority of Singapore (MAS) had shown Circle extraordinary regulatory partnership in its quest to expand the business horizons in the Singaporean market. Circle will also require MAS’ observation and guidance to the project design of stablecoin innovations in Singapore.
Circle’s Plans to Go Public
Apart from this global expansion, global internet finance firm Circle announced plans to go public last summer via a SPAC deal. The deal is a reverse merger with publicly-traded acquisition company Concord Acquisition Corp. It is anticipated to close later in the fourth quarter of this year and value Circle at $4.5 billion.
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