Swiss-based cryptocurrency bank Sygnum has been granted capital markets services (CMS) license from the Monetary Authority of Singapore (MAS), allowing it to provide digital asset investment strategies to accredited and institutional investors in Singapore. Prior to this, Sygnum was the first bank to get a banking license from Swiss regulators back in August.
Announced through a blog post on Thursday, Sygnum announced that it had been granted a capital markets services (CMS) license from the Monetary Authority of Singapore (MAS) and given the green light to provide a range of digital asset management services including Bitcoin (BTC), digitized shares and various other financial products to institutional investors and qualified private investors in Singapore.
Stefan Mueller – Sygnum’s Head of Asset Management – stated in the press release:
“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.”
According to the press release, the first product that the crypto-bank would be offering to Singaporean investors is 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.
Notably, Mueller stated that he believed that the bank’s multi-manager product approach was a compelling way for professional investors to gain exposure to this emerging new asset class.
“We want to help our clients construct broader, diversified portfolios with reduced risk and institutional-grade trust,” he further added.
The Swiss bank further noted that the CMS was received by the Singapore-registered entity of the bank and cannot be overlapped with its Swiss entity.
Meanwhile, Singapore has retained its position as a friendly environment for cryptocurrency as well blockchain technology. In addition to that, both Switzerland and Singapore share close financial ties, especially in the emerging Fintech industry and digital assets where much of Swiss-led private banking has made its way to Singapore.
Now with licensing in two financial hubs – Switzerland and Singapore – the company is strengthening its team as well as its ties to each other.
Mathias Imbach – Sygnum’s Co-Founder and CEO of its Singapore oentity – has stated upon the recent acquisition of a CMS license, saying:
“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.”
Sygnum is also planning to expand its services to other markets as well, with a high demand for digital assets and management services in regions like Hong Kong, Britain, Italy, Germany, France, Austria, Portugal, and the Netherlands.