The Sygnum crypto bank, one of the first establishments of this kind in Switzerland, has successfully applied and received a Singapore banking license.
This is a significant step forward for the bank, as it will give the company a way into the Asian market. According to the official company blog, Sygnum will now start working on the asset management part of its services, specifically in Singapore.
Sygnum crypto bank
The Swiss Sygnum crypto bank is one of the first companies globally to start banking services in the cryptocurrency field.
The fact that its based out of Switzerland has made the country a pioneer in the adoption of cryptocurrencies and blockchain technology.
So far, Sygnum has successfully developed in Switzerland, which made the company look for new markets. Singapore was the perfect opportunity to introduce the Sygnum services in Asia, where there is also a boom of interest towards cryptocurrencies.
Singapore banking license
Sygnum has successfully secured a capital markets services (CMS) license, which will allow the company to work on its asset management branch.
Gaining the CMS license will not only allow Sygnum to expand its activities on an entirely new market. This license will also become a benefit to already existing customers in Switzerland who are looking for investment opportunities abroad.
Securing a CMS license in Singapore was one of the primary goals of the Sygnum crypto bank. However, now that this is achieved, Sygnum will continue to look into ways to expand its activities.
For now, the main targets are markets in Asia and Europe. Next up for Sygnum is a Hong Kong license, as this will solidify the company position on the Asian market.
