Swiss crypto bank Sygnum’s Singapore arm gets full licence to offer brokerage service here
Sign up now: Get ST's newsletters delivered to your inbox
Sygnum joins more than a dozen firms that are licensed to offer digital payment token services in Singapore.
PHOTO: BT FILE
Follow topic:
SINGAPORE - The Singapore arm of Swiss digital asset bank Sygnum has launched its digital payment token (DPT) brokerage service here, following the regulator’s approval of a full licence.
Sygnum, which was incorporated in Switzerland and Singapore in 2018, said it has launched a brokerage platform that allows accredited investors and institutions such as family offices and investment firms to trade in a range of cryptocurrencies.
Mr Gerald Goh, co-founder and chief executive of Sygnum Singapore, told The Straits Times that the brokerage service was live from Monday and clients can buy and sell DPTs as soon as they are successfully onboarded.
This comes after Sygnum Singapore received from the Monetary Authority of Singapore (MAS) a full major payment institution licence that the company applied for in April 2021. It joins more than a dozen firms that are licensed to offer DPT services in the Republic.
The development comes four months after the firm was granted in-principle approval,
With the full licence, the firm can add DPT brokerage services to its suite of digital asset financial services that include asset management, corporate finance advisory, dealing in capital market products, and the provision of custodial services.
Sygnum Singapore was granted a capital markets services licence in 2019
Globally, the group has more than 220 employees in its four offices in Switzerland, Singapore, Luxembourg and Abu Dhabi.
Mr Goh said: “Sygnum already has a significant presence in Singapore. Our inter-disciplinary team is currently more than 30-strong and covers a range of functions including client-facing, investment, operations and digital-asset specialists.
“We will continue to ramp up our presence here in proportion to our business performance.”
Sygnum Bank AG is headquartered in Zurich and holds a Swiss banking licence.
Currently, the group has more than $4.8 billion in assets under management, with over 1,600 clients from more than 60 countries, including institutional investors, banks, other financial institutions and distributed ledger technology foundations.
