Synum Cryptocurrency Bank Acquires Singapore Banking License For Asset Management Service
Sygnum, the Zurich-based crypto bank, has been awarded a banking licence to provide asset management services in Singapore.
Announcing the news to the world, the bank said it had successfully been granted a capital markets services (CMS) licence from the Monetary Authority of Singapore (MAS)Monetary Authority of Singapore (MAS) which is an equivalent of a central bank.
The blog post from the bank stated that it will basically focus on virtual asset investment programs for both qualified individuals as well as institutions. The initial product for the bank will be a multi-manager fund (also called funds-of-funds) whereby the bank will seek investment opportunities in other forms of funds, like hedge funds. The bank stated that it will allocate investments in different fund managers that focus on digital assets around the world. The bank also revealed that the same offering will be availed to Swiss customers using its Swiss branch.
According to Stefan Mueller, head of asset management in Sygnum, the licence by MAS was a major step and will help the bank to open its asset management wing. Mueller explained that asset management will help in the bank’s growth strategy and will be key in complimenting the Swiss banking wing.
Stefan Mueller commented,
“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.”
The latest licensure comes just months after Sygnum won a banking and securities dealership approval in Switzerland given by FINMA.
In September, Sygnum CEO, Peter Wuffli, revealed that the bank was pursuing a growth and development strategy and was seeking to tap several markets including Hong Kong and other European countries, Cointelegraph reports. He explained that the crypto community is yearning for a firm that can offer several services such as custody, trading as well as loans using fiat money and that’s what Sygnum intends to do.
In the recent past, Singapore has been positioning itself as a blockchain and crypto hub in Asia amid hostility in the region. The country is seeking to take advantage of the harsh environments in China and South Korea.