Today Swiss digital asset bank Sygnum announced that its Singapore arm received its Major Payment Institution Licence (MPIL) from the Monetary Authority of Singapore (MAS). Using the license the bank will launch brokerage services in Singapore for cryptocurrencies, known locally as Digital Payment Tokens (DPTs). Additionally, it disclosed it has CHF 3.2 billion in assets under management. Plus it announced its latest Swiss banking client.
In 2019, Sygnum received its banking license in Switzerland and its Capital Market Services license in Singapore. That allowed it to provide asset management, corporate finance advisory, operate as a capital markets dealer and act as a custodian. The group also has licenses in Abu Dhabi and Luxembourg where it targets Alternative Investment Funds (AIFs).
“The MAS is one of the most progressive regulators in the world when it comes to providing a clear and robust framework around digital assets,” said Gerald Goh, Sygnum Co-Founder and CEO Singapore. “The most recent guidelines on stablecoins have shown the industry a well-defined path forward. We believe such developments will empower investors to increase their exposure to digital assets with complete trust.”
Despite the crypto downturn, the bank continues to prosper. It disclosed it has more than CHF 3.2 billion ($3.5bn) in assets under management (AUM) with 1,600 clients. It also provides B2B services to more than 15 Swiss banks and international institutions.
Yesterday Sygnum announced its latest B2B client addition, Zuger Kantonalbank. Using Sygnum’s B2B API, Zuger Kantonalbank’s customers will be able to invest in crypto from the bank’s mobile app. The Swiss government’s PostFinance partnered with Sygnum in April for a similar solution.
