The Swiss banking regulator granted banking licenses to two cryptocurrency-focused banks – the alpine nation's first. Both projects are backed with heavy financial artillery and high-profile bankers.
Seba and Sygnum both clinched banking licenses from Swiss financial regulator Finma, the crypto banks said in separate statements on Monday. The move confirms that Finma would opt to grant both projects a banking license at the same time.
The move represents the burgeoning blockchain industry crashing into the traditional banking industry. Seba and Sygnum form a group of aspiring crypto banks jostling to be the first to go live.
Prominent Backing
With roots in Switzerland and Singapore, Sygnum is supported by a highly experienced and distinguished board of directors and advisory council from Singapore, which includes Chua Kim Leng, former assistant managing director (banking and insurance) at the Monetary Authority of Singapore (MAS).
Its advisory council counts figures such as Hsieh Fu Hua, director of Grab Holdings and former chairman of United Overseas Bank, and Ang Kong Hua, chairman of Sembcorp Industries and chair of GIC's investment board.
Zug-based Seba has partnered with Julius Baer, the private bank with its headquarters at Zurich’s Bahnhofstrasse. Zurich-based Sygnum's board includes former UBS CEO Peter Wuffli, and former Swiss central banker Philipp Hildebrand advises the company.
Both Approved Simultaneously
The simultaneous approval for the two is meant to avoid inadvertently giving one project a head-start over the other – or even convey the impression of one.
In Singapore, Sygnum has applied for a Capital Markets Services (CMS) license. On receipt of this license, Sygnum will offer a multi-manager fund providing collective investment opportunities in the digital asset space.
