Crypto bank Sygnum wins a license in Singapore to offer asset management services in the country
October 31, 2019, 5:50AM EDT
1 min read
Switzerland-based cryptocurrency bank Sygnum has received a capital markets services license in Singapore, allowing it to provide asset management services in the Asian country.
Announcing the news on Thursday, Sygnum said the license has been awarded by the Monetary Authority of Singapore, the country’s central bank, and that its first product will be a multi-manager fund.
Multi-manager funds are also known as funds-of-funds and invest in other types of funds such as mutual funds or hedge funds. Sygnum said its multi-manager fund will allocate investments across a portfolio of managers that tap into the global digital asset opportunity using “different and uncorrelated” investment strategies.
Sygnum’s head of asset management, Stefan Mueller, said that the Singapore license is “an important milestone” for the firm to set up its asset management arm. He added: “This is complementary to our banking services in Switzerland and will also benefit our Swiss institutional and private qualified investor clients.”
The news follows Sygnum’s August announcement when it received a banking and securities dealers’ license from Switzerland’s Financial Market Supervisory Authority (FINMA). At the time, Sygnum rival SEBA Crypto also received the license from FINMA.