Swiss Crypto Bank Gets Approval For Singapore Banking License
On Sep 12, 2020
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Swiss-based cryptocurrency bank Sygnum has received the go-ahead to offer banking services in Singapore.
Sygnum: license is “important milestone”
Sygnum, which gained a Swiss banking license in August this year, can now proceed with its first product for the Singapore market.
Sygnum was the first Swiss company to win the title of cryptocurrency bank and will target accredited investors and institutions with a multi-manager fund, which will also debut in its home jurisdiction.
Long on the cards, the Singapore documentation comes in the form of a capital markets services (CMS) license from the Monetary Authority of Singapore (MAS), the Asian city state’s de facto central bank.
Sygnum’s head of asset management, Stefan Mueller, commented in the press release:
“The CMS license is an important milestone to establishing our asset management arm, leveraging the vibrant financial environment in Singapore. This is complementary to our banking services in Switzerland and will also benefit our Swiss institutional and private qualified investor clients.”
Execs reveal major Swiss crypto interest
Singapore continues to position itself as a friendly environment for cryptocurrency and blockchain businesses.
MAS is part of the government structure looking to integrate the emerging technologies with state activities and beyond, as its Project Ubin finance scheme is set to commence operations next year.
Sygnum meanwhile is also eyeing expansion into markets such as Hong Kong, as well as in Europe. In September, Peter Wuffli, the ex-UBS head who is now the company’s CEO, underscored his desire to tap the full potential of the cryptocurrency market.
“Thousands of clients have contacted us for a one-stop-shop for asset custody, loans and trading cryptocurrencies seamlessly with fiat currencies,” he revealed.