Circle has obtained a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore, while Kilde has raised $1.1 million in a seed funding round.
Circle to offer digital payment token services
Circle, which issues USD Coin (USDC) and Euro Coin (EUROC), has obtained a Major Payment Institution licence from the Monetary Authority of Singapore (MAS), according to a tweet shared by the company.
The licence allows the firm to offer digital payment token services and cross-border and domestic money transfer services through its products and services, including the Circle Account which allows institutional customers access to USDC.
USDC, issued by Circle, is a digital dollar, also known as a stablecoin, that is available 24/7 and moves at Internet speed.
“This is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region,” said Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy.
Circle obtained an in-principle approval from MAS last year and officially opened its office in Singapore last month.
Kilde to expand private credit offerings
Singapore-based private debt investment platform Kilde has raised $1.1 million in a seed funding round, according to a LinkedIn post shared by the company.
Kazakhstan-based Big Sky Capital VC, US-based Borderless Capital, Australia-based AXL Ventures, and the Algorand Foundation participated in the funding round.
The company plans to use the new capital to expand its private credit offerings and launch a securities tokenisation project named SafeBay, along with enhancing platform’s features and expanding market reach.
Founded in 2019, Kilde provides safe and controlled access to consumer and small business loans, giving investors a diversified portfolio with smart risk management to allow institutions and high-net-worth individuals to invest in private debt.