Swiss fintech Crypto Finance is pulling up stakes in Singapore, finews.asia has learned. This marks the end of a multi-year initiative by the firm, owned by Deutsche Boerse.
Crypto Finance is scrapping its Singapore office on Robinson Road. The startup confirmed research by finews.asia. Three people are affected by the measure, including one Swiss employee.
The decision brings to an end a four-year phase of development in the Asian financial center; according to reports, the Zurich-headquartered fintech had been waiting for the payment services license from Singapore's regulator MAS for more than a year in order to be able to serve other financial services providers. Now, apparently, the patience thread has snapped.
Hoping for Licenses in Germany
With its withdrawal from Singapore, the fintech, which is owned by Deutsche Boerse, will focus on its remaining core markets. Jobs will reportedly continue to be created at Crypto Finance after the company increased its headcount from 50 to more than 120 within a year and a half.
Abroad, the company is now pushing its business in Germany, where the firm can count on the backing of its parent company. Before the end of this year, Crypto Finance hopes to be able to obtain several licenses from the German Federal Financial Supervisory Authority (BaFin).
