Swiss crypto bank Sygnum has been awarded a capital markets services licence in Singapore, paving the way for it to provide asset management services in the Asian city-state. Sygnum received a Swiss banking license in August, at the same time as its competitor SEBA.
This content was published on
2 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.
On Thursday, Sygnum was given the green light by the Monetary Authority of Singapore (MAS) to commence operations. The bank saysExternal link its first Singapore product will be a multi-manager fund.
The new generation banking enterprise is part of a first wave of financial institutions dealing with crypto assets using distributed ledger technology. It will trade in cryptocurrencies, such as bitcoin, plus an expected flurry of new digital assets mirroring company shares and other financial products.
The bank is one of a growing number of Swiss crypto companies to also set up in Singapore. The two countries already have close financial ties, sparked by the rise of Swiss-led private banking in Singapore. The financial regulators in both countries are also in close contact on the theme of digital assets – also known as the “token economy”.
SEBAExternal link says it is in talks with MAS but has not yet formally applied for a license. The Zug-based enterprise says it is concentrating on a full-scale live launch in Switzerland, starting next month, before moving on to other markets.
The bank then aims to roll out services in a range of other markets: Singapore, Hong Kong, Britain, Italy, Germany, France, Austria, Portugal and the Netherlands.
External Content
Your subscription could not be saved. Please try again.
Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
First large-scale alpine solar plant approved in Switzerland
This content was published on
The approval was met with satisfaction by the project's organisers, but it also brings with it a certain amount of pressure.
Medieval squirrels may have ‘helped spread leprosy’
This content was published on
An examination of squirrel remains in the United Kingdom has opened up interesting questions and possibilities in terms of the history of the disease.
Swiss money laundering office registers record number of reports
This content was published on
The Money Laundering Reporting Office Switzerland (MROS) registered a record number of reports of suspicious activity last year.
Two teens accused of planning terror attack released from custody
This content was published on
The Schaffhausen judiciary has released the two teenagers from custody who allegedly planned bomb attacks in Switzerland.
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
‘Next generation’ private bank plans to open doors in Switzerland
This content was published on
“Banking is to be redefined, and the use of technology should ensure that employees and customers receive a higher esteem than many banks do today,” says chairman David Bisang, who last year founded the blockchain company Heymate. But Tallyon is remaining tight-lipped about how exactly it plans to “democratise” private banking in Switzerland, other than…
This content was published on
The partnership says it will launch a “new range of digital asset services, including custody and brokerage” of the two largest cryptocurrencies by market share. It utilises the fintech’s “Taurus Protect” crypto storage platform. “We firmly believe that blockchain will disrupt the financial industry as we know it and we intend to be amongst the…
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.