Sygnum awarded Abu Dhabi in-principle approval
Zurich, Abu Dhabi 23rd November 2022 – Sygnum, the world’s first digital asset bank and first Swiss bank to open a hub in the metaverse, leverages its oversubscribed USD 90m Series B to expand internationally into Abu Dhabi’s high-growth crypto-hub.
Further strengthens Sygnum’s global reach and growth potential by tapping into one of the world’s largest wealth and asset management pools
Appoints executive experienced in the Middle East market to open office and service local USD 25bn[1] market with a full range of Swiss-regulated crypto services
Sygnum’s roots in Swiss and Singapore heritage have empowered its clients and partners with global reach from day one. Since Sygnum’s USD 90m Series B round earlier this year, and despite a challenging market, Sygnum has continued to grow its global client base to near 1,500 and team to over 200.Key to expanding this global reach is accessing high-growth global crypto-hubs like the UAE that offer clear regulatory frameworks, growing adoption and strong demand for trusted, institutional-grade crypto services.
Abu Dhabi in-principle approval Sygnum has received an in-principle approval[2] from the Abu Dhabi Global Market’s (ADGM)Financial Services Regulatory Authority (FSRA). Sygnum’s new Middle-East hub will serve the local market with a crypto-native suite of digital asset banking, asset management, tokenization and B2B banking services regulated by FINMA in Switzerland. Target clients will range from blockchain firms moving to the UAE for its well-regulated crypto environment to existing local crypto foundations and projects to “traditional” institutional investors and HNWI looking for trusted crypto asset exposure through a regulated partner.
Sygnum’s designated UAE Senior Executive Officer Giulia Finkbeiner-Bertoni says “I am excited to join the global Sygnum team and introduce our vision for Future Finance to the Abu Dhabi financial community. I believe that Sygnum’s core value of trust and its ability to build relationships will be an asset for years to come in this region.” The UAE is fast becoming a global crypto hub, with the fifth-highest global crypto adoption at 34 per cent[3] and annual transactions of more than USD 25bn. Sygnum’s Abu Dhabi licence and local presence will enable direct access to its established wealth management market, supportive government and clear regulatory framework – as well as the opportunity to pioneer regulated crypto services in the region. Arvind Ramamurthy, Chief of Markets at ADGM, said: “ADGM is pleased that Sygnum has been awarded an In-principle approval by the FSRA. We look forward to supporting them in expanding their presence in Abu Dhabi and the wider region. ADGM is the largest regulated jurisdiction of digital assets in the Middle East and North Africa region andacts as a catalyst for the growth of the financial sector in the capital emirate. We firmly believe in the value-add that companies like Sygnum bring to our vibrant community. With a focus on bolstering the economic growth of Abu Dhabi and upholding the transparency and integrity of the marketplace, Sygnum’s presence in the region supports our ongoing commitment to Abu Dhabi and the UAE, attracting global companies that truly make it an international financial hub to conduct business seamlessly.” “Sygnum’s international expansion into the Abu Dhabi crypto hub gives us access to one of the biggest global wealth and asset management pools. It also gives us new opportunities to showcase the value of investing in crypto with complete trust to the local community, clients and partners” says Mathias Imbach, Sygnum Co-Founder and Group CEO.
References:
[1] PWC UAE Cryptocurrency Report 2022 [2] In-principle approval for a Category 4 Financial Services Permission [3] https://www.statista.com/statistics/1202468/global-cryptocurrency-ownership/
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About Sygnum
Sygnum is the world’s first digital asset bank, and a digital asset specialist with global reach. With Sygnum Bank AG’s Swiss banking licence, as well as Sygnum Pte Ltd’s capital markets services (CMS) licence in Singapore, Sygnum empowers professional and institutional investors, corporates, banks, and other financial institutions to invest in the digital asset economy with complete trust. Sygnum operates an independently controlled, scalable, and future-proof regulated banking platform. Our interdisciplinary team of banking, investment, and Distributed Ledger Technology (DLT) experts is shaping the development of a trusted digital asset ecosystem. The company is founded on Swiss and Singapore heritage and operates globally. To learn more about Sygnum, please visit www.sygnum.com
Media Contact
Dom Castley Tel.: +41 58 508 21 01 E: dominic.castley@sygnum.com
Sygnum Bank AG
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