Crypto bank Sygnum wins a license in Singapore to offer asset management services in the country

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.

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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.  

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.