Sygnum Singapore – a subsidiary of Switzerland’s Sygnum Bank – received in-principle approval from the country’s top financial regulator to conduct three additional activities. These activities include offering corporate finance advisory services, capital market products trading, and custodial services.
Sygnum to Facilitate More Opportunities
Once the Monetary Authority of Singapore approves the application, the digital asset banking will be able use its existing tokenization and financing options to offer asset managers and other Web3 participants additional solutions.
Sygnum Singapore first will offer capital raising advisory services. It will also offer technical assistance to tokenize capital markets products and cryptocurrencies.
The company will also provide access to a wider base of institutional investors located in Singapore, who are seeking fully-regulated investment options as well as digital assets.
Third, Sygnum provides custodial services to asset and security tokens.
These new features will be added on to the existing ones provided by the company. The company began offering investors exposure to cryptocurrency in 2019 through its mix of asset management products.
Sygnum also has a tokenization platform that allows asset owners to issue non-fungible tokens for traditional objects. Examples include a Picasso painting or a CryptoPunk FT.
Gerald Goh – Co-Founder and CEO of Sygnum Singapore – praised the Asian city-state as a “welcoming destination for trusted financial institutions” seeking to dive into the digital asset ecosystem. He believes that the three additional services will help his organization connect more with Web3 and cryptocurrency players.
Speaking on the matter was also Mathias Imbach – CEO of Sygnum Bank:
“The extension of our offerings into the Singapore market will provide investors access to a team of blockchain, legal and asset management experts, and a trusted platform with an operational track record, to invest in the latest Web3 opportunities with complete trust and peace of mind.”
Sygnum’s Recent Developments
The first digital asset bank allowed customers to use its institution-grade banking platform to place ETH for Ethereum 2.0 using their existing wallets last summer. Sygnum explained how staking services are fully integrated into its platform. This demonstrates greater security.
Earlier this year, the company closed a $90 million funding round led by Sun Hung Kai & Co. – a leading investment entity based in Hong Kong. As a result, Sygnum’s valuation reached $800 million.
Mathias Imbach described that financing round as a “key milestone” to the company’s global expansion. He predicted that investors will be more interested in digital assets over the next few years.