SINGAPORE – Digital asset start-up Sygnum has obtained a capital
markets services licence from the Monetary Authority of Singapore. The company will
be able to conduct asset management activities in Singapore. It will focus
mainly on digital asset investment strategies for accredited and institutional
investors, it said in an announcement on Thursday (Oct 31).
Sygnum was the first Swiss company to win the title of cryptocurrency bank and will target accredited investors and institutions with a multi-manager fund, which will also debut in its home jurisdiction.
The licence allows Sygnum to conduct activities regulated under the Securities and Futures Act does not confer or imply any licensing rights to Sygnum Bank AG in Switzerland, it added.
Mr Stefan Mueller, Sygnum’s head of asset management, said: “We believe that our multi-manager product approach is a very compelling way for professional investors to gain exposure to this emerging new asset class.”
Sygnum – which counts Singtel Innov8, the venture capital arm of Singtel Group, as one of its investors – was founded by a team of Swiss and Singaporean professionals. It develops its products and services simultaneously in the financial hubs of Switzerland and Singapore. The company is also eyeing expansion into markets such as Hong Kong, as well as in Europe.
“Thousands of clients have contacted us for a one-stop-shop for asset custody, loans and trading cryptocurrencies seamlessly with fiat currencies,” said Peter Wuffli, the company’s CEO, as he emphasized the company’s desire to leverage on the full potential of the cryptocurrency market.