Cryptoasset start-up backed by Swiss banking heavyweights
Some of the doyens of the Swiss financial industry, including former Swiss National Bank president Philipp Hildebrand and ex-UBS CEO Peter Wuffli, have joined the cryptoasset revolution with new financial services operator Sygnum.
This content was published on
3 minutes
When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland - including the frozen lake of St Moritz.
The Swiss-Singapore enterprise announced itself suddenly on Thursday after operating in stealth mode for months. It is aiming a broad suite of tokenised assets services for institutional investors. The so-called ‘token economy’ space, which digitises a range of financial assets for faster, more efficient trading, is rapidly gaining momentum around the world.
More
More
FINMA sets tough restrictions on bank bitcoin trading
This content was published on
The Swiss regulator says cryptocurrencies should be valued at eight times their market price when calculating loss-absorbing capital buffers.
It is believed that the system can be adapted for any form of asset from company shares to securities, bonds and real estate. Putting such tokens on the blockchain promises either direct transfer between traders or more efficient matching and settlement through third party platforms, such as exchanges.
Swiss stock exchange SIX Group plans to tap into the market with a new digital exchange, while a range of new entrants, such as SEBA, have sprung up in Switzerland with the same intention.
SygnumExternal link, which has offices in Zurich’s Trust Square blockchain centre in the heart of the city’s banking district, is the latest newcomer to enter the scene.
“Printing shares”
According to its website, Sygnum is teaming up with Swiss tech start-up Daura that specialises in creating tokenised shares to enable small companies raise capital. The collaboration will enable small and medium sized enterprises (SMEs) to “print their shares” and trade them on the blockchain platform.
Sygnum has also entered into a partnership with state-owned telecoms company Swisscom and Zurich start-up Custodigit to help clients securely store digital assets.
Sygnum’s website also boasts of a liquidity platform to connect tokenised assets with a pool of traditional currencies. The enterprise also says it will provide a “selection of managed digital assets funds…leveraging both manager-specific skills as well as machine learning and artificial intelligence.”
In addition, clients will be offered an anti-money laundering/Know Your Customer (AML/KYC) “module” developed together with Swiss law firm MME.
It is unclear whether Sygnum has obtained any licenses from the Swiss or Singapore financial regulators or how soon the enterprise will be fully operational. Other blockchain financial institutions, such as Crypto Finance and SEBAExternal link, are also looking into establishing a presence in both Switzerland and Singapore.
Singtel Innov8, the venture capital arm of Singapore communications giant Singtel Group, has made an unspecified investment in Syngum.
Hildebrand, who joined investment management giant Blackrock after stepping down from the SNB in 2012, and Wuffli, now vice-chairman of Swiss private equity firm Partners Group, have lent their weight to the project as advisors. Peter Wuffli’s son, Beat, has joined Sygnum as head of tokenization.
The co-founders of the company are former Wegelin banker Manuel Krieger, Mathias Imbach, who was previously part of the RNT Associates fund of Indian business magnate Ratan Tata, and Gerald Goh, formerly of Singapore financial firm CrimsoNox Capital.
Swiss authorities announce cost-cutting in asylum sector
This content was published on
The government notably wants to improve integration into the labour force, particularly for people with protection status S.
Various leaders confirm participation at Ukraine peace conference
This content was published on
The presidents of Poland, Finland, and Latvia and the prime ministers of Spain and Belgium will be at the Swiss-hosted talks in mid-June.
This content was published on
In the winter season up to April 2024, railway and cable car operators ferried 3% more visitors compared to the previous winter, and 5% more than the five-year average.
Rhine flooding: Swiss to invest CHF1 billion with Austria
This content was published on
As part of an international agreement with Austria, the Swiss government wants to pump CHF1 billion ($1.1 billion) into flood protection measures along the Rhine over the next three decades.
Swiss government proposes CHF10 million UNRWA donation
This content was published on
After months of debate, Switzerland plans to give CHF10 million ($11 million) to the UN agency this year, rather than the CHF20 million initially foreseen.
Swiss study: insects mainly migrate at midday and dusk
This content was published on
A study led by the Swiss Ornithological Institute in canton Lucerne is helping to better understand the movement patterns of migratory insects.
Red Cross: 22 staff killed in Middle East since October
This content was published on
The Red Cross and Red Crescent network in Gaza and Israel has lost 22 staff members since last October, the Swiss Red Cross (SRC) said on Wednesday.
Dortmund’s Kobel is first Swiss goalie in Champions League final
This content was published on
Borussia Dortmund’s Gregor Kobel has achieved history by becoming the first Swiss goalkeeper to reach a Champion’s League final.
University students in Switzerland join Gaza protest wave
This content was published on
Pro-Palestinian activists occupied university buildings in Lausanne, Geneva and Zurich on Tuesday, widening the protest movement in the Alpine nation.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
FINMA sets tough restrictions on bank bitcoin trading
This content was published on
The Swiss regulator says cryptocurrencies should be valued at eight times their market price when calculating loss-absorbing capital buffers.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.