Sygnum, the first crypto-bank to get a banking license from Swiss regulators back in August, has now received a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS). The license will allow the bank to offer asset management services in Singapore.
With another commercial banking license under its belt, Sygnum will offer a range of digital asset management services including Bitcoin, digitized shares and various other financial products to institutional investors and qualified private investors.
Stefan Mueller, Sygnum’s Head of Asset Management, welcomed the announcement and said,
“The CMS license is an important milestone for 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.”
The first product that the crypto-bank would be offering to Singaporean investors is called the multi-manager fund which allocates investments across a portfolio of managers who tap into different and uncorrelated investment strategies for different digital assets. The same product will be launched in Switzerland later this year.
Switzerland and Singapore share close financial ties, especially in the emerging Fintech industry where much of Swiss-led private banking has made its way to Singapore. Further, the regulatory bodies of both countries share a cordial bond, especially with respect to digital assets.
Mathias Imbach, Sygnum’s Co-Founder and CEO of its Singapore arm, commented on the recent acquisition of a CMS license,
“Our dual location – in Singapore and Switzerland – is one of the cornerstones of our strategy. This is reflected across team, advisory council, board of directors as well as investor base. All have been instrumental in our achievements so far across both countries.”
The Swiss bank is planning to expand its services to other markets as well, with a high demand for digital assets and management services emerging from the likes of Hong Kong, Britain, Italy, Germany, France, Austria, Portugal, and the Netherlands.
