Company Briefs: Sygnum

Sygnum

Switzerland and Singapore-focused tokenisation start-up Sygnum has clinched one of two conditional banking and securities dealer licences in Switzerland, the first time that the European country's Financial Market Supervisory Authority (Finma) has given the go-ahead to pure-play blockchain service providers.

The other licence recipient is Seba Crypto, which is registered in Zug, Switzerland.

Sygnum is registered in Zurich but also counts Singapore as a key market.

Finma did not provide details about the conditions attached to the licences, but said they were aimed at ensuring that the businesses are set up in an orderly manner.

Sygnum said in a statement issued yesterday that the licence will be effective when the company fulfils all secondary criteria specified by Finma, and that it will not be operational or accept customers until then.

Sygnum, which helps to tokenise physical assets on the blockchain, is also seeking a Capital Markets Services licence in Singapore. If successful, it will be able to offer fund management services, including a digital asset multi-manager fund, the start-up said.

"Being awarded the banking and securities dealer licence from Finma is a significant milestone, and an important step towards the institutionalisation of the digital asset economy," Sygnum co-founder and Switzerland chief executive Manuel Krieger said.

Sygnum's existing investors include Singtel Innov8, the venture arm of telco Singtel Group.


Sunpower Group

Environmental solutions company Sunpower Group has secured 65.5 million yuan (S$12.7 million) in manufacturing and services contracts with PSS Netherlands, a joint venture company of three repeat customers.

The group said in a Singapore Exchange filing yesterday that the contracts involve supplying heat exchangers to PSS Netherlands' Sriracha oil refinery in Thailand. The contracts are due for delivery next year and are expected to have a positive impact on the group's financial performance for FY2019 and FY2020.

PSS Netherlands is the engineering, procurement and construction contractor for the clean fuel project of Thai Oil Public Co. The project will help the refinery produce more environmentally friendly transportation fuel, lower feedstock cost and expand capacity.

Sunpower Group has been focusing on expanding into anti-pollution investment projects, or green investments, which generate long-term intrinsic value through recurring income and cash flows.

A version of this article appeared in the print edition of The Straits Times on August 27, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe