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.
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.
TradeXBank to resume full operations after Sberbank Switzerland taken off sanctions list
This content was published on
TradeXBank, the former Swiss branch of Russia’s Sberbank, will be able to resume its dollar-denominated activities from the second half of this year.
Geneva decides not to remove controversial memorials
This content was published on
The city of Geneva has presented an action plan regarding a series of controversial local statues and monuments of historical figures linked to racism, colonialism or slavery.
University of Lausanne calls for end to pro-Palestine sit-in
This content was published on
The pro-Palestinian occupation continues at the University of Lausanne (UNIL). On Monday evening, a group of students refused to agree to the deadline set by the rectorate.
Ukraine peace conference should include Russia, says Chinese ambassador
This content was published on
China supports a peace conference on the Ukraine war that would see equal participation of all parties, says Chinese Ambassador to Russia Zhang Hanhui.
This content was published on
A majority of Swiss citizens have open attitudes towards various infertility treatments, including even egg donation, which is currently prohibited.
Reports of Swiss cyber fraud almost doubled in six months
This content was published on
The head of the new Federal Office for Cybersecurity (FOC), Florian Schütz, has presented a new strategy after just over four months in office.
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.