Sygnum – a digital coins bank headquartered in Switzerland – has reportedly been granted authorization to operate its banking services in Singapore.
Specifically, Sygnum – which has successfully obtained a banking registration from the Swiss government in August 2019 – is now officially eligible to introduce its offering to the Singapore-based clients.
Sygnum was the first establishment from Switzerland managed to secure the title of “cryptocurrency bank”, and will primarily focus its services on accredited investors and businesses, via its multi-manager fund – set to be rolled out firstly in the home jurisdiction of the bank.
The legal documents granted by Singaporean officials is particularly a capital markets services (CMS) license, issued by the Monetary Authority of Singapore (MAS) – the central bank of the SEA nation.
“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.” Director of asset management at Sygnum, Stefan Mueller, shared his remarks regarding the announcement.