Crypto Bank Sygnum Eyes License in Singapore

Just days after clinching a banking license in Switzerland, cryptocurrency-focused financier Sygnum will look to do the same in Singapore.

Sygnum is currently pushing for a capital markets services license in Singapore to offer asset management solutions but will look to apply to become a fully-fledged bank this year.

In order for us to provide a full suite of services, we need to operate as a bank in Singapore, said Gerald Goh co-founder and chief strategy officer at Sygnum.

After the company becomes a full bank in Switzerland, a transition expected this year, it will be able to apply for a traditional banking license in the city-state.

Sygnum is pioneering the crypto-based banking industry and potentially gaining first-mover status in multiple major financial centers. It was one of the first two crypto players to recently be granted banking licenses by Swiss regulator Finma. Successful application in Singapore could make it the first crypto bank in Singapore as well.

And Singapore’s financial sector is no unfamiliar territory to Sygnum’s leadership which boasts a prominent list of members in its board and advisory council such as Chua Kim Leng, former assistant managing director (banking & insurance) of MAS, Hsieh Fu Hua, director of Grab Holdings and former chairman of UOB, and Ang Kong Hua, chair of GIC investment board.

Once it officially becomes a bank in Switzerland, Synum will be able to issue, store, trade and manage Bitcoin and Ethereum, converting them into various hard currencies. It will also offer custody, brokerage and tokenization services for digital assets to qualified clients.