World First Crypto Bank Sygnum Receives Approval To Offer Banking Services In Singapore
Sygnum has been granted approval by the Monetary Authority of Singapore (MAS) to operate digital markets/banking services in the country
In a report posted by the Sygnum official blog site on Oct. 31, it has been stated that the company has been granted approval by the Monetary Authority of Singapore (MAS) to operate digital markets services in the country which complemented their recent obtainment of banking and securities dealer license in Switzerland from the Swiss Financial Market Supervisory Authority (FINMA).
With this dual location - Singapore and Switzerland, Sygnum, as the world’s first crypto bank, empowers institutional and private certified investors, banks, corporates, and other financial bodies to invest in the crypto economy with unalloyed trust alongside their scalable, independently controlled, and future-proof regulated banking solution.
“Our dual location – in Singapore and Switzerland – is one of the cornerstones of our strategy. This is reflected across the team, advisory council, the board of directors as well as investor base. All have been instrumental in our achievements so far across both countries,” said Sygnum Co-Founder and CEO Singapore Mathias Imbach.
As stated in the report, Sygnum's obtainment of the capital market license will give the company the ability to conduct asset management activities, focusing on crypto investment strategies for institutional and private certified investors. In this regards, Stefan Mueller, Head of Asset Management at Sygnum, 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.”
Sygnum's first product will soon be accessible in Switzerland. The product as a multi-manager fund apportions investments across a group of managers that utilize the global digital asset opportunity using varied investment procedures.
Image via Shutterstock
Image source: Shutterstock
