Sygnum, a Switzerland based cryptocurrency banking start-up announced its most recent breakthrough. Today [31 October 2019], the company made it known that it has been granted a Capital Markets Service (CMS) licence by the Monetary Authority of Singapore (MAS).
The recently acquired CMS license – which allows the company to lawfully offer an asset management service in Singapore- is not the first operating license to have been acquired by Sygnum. In August this year, the company announced that it had been successful its bid to acquire a banking and securities dealer license in Switzerland.
According to Sygnum’s head of asset management, Stefan Muller, the Singapore license will go a long way in the development and deployment of the firm’s asset management wing.
He went on to note that: “This is complementary to our banking services in Switzerland and will also benefit our Swiss institutional and private qualified investor clients.”
According to Sygnum, their team boasts a number of experienced experts from both digital and traditional assets management, and also has partnerships with a group of specialist digital assets fund managers. This is generally seen as advantageous for the first product that the firm is looking to offer, which is a multi-manager fund. This kind of fund – sometimes referred to as a fund of funds— generally invests in other funds like mutual of hedge funds.
Signum’s multi-manager fund -which will be made available to qualified investors soon in Switzerland – “allocates investments across a portfolio of managers that tap into the global digital asset opportunity using different and uncorrelated investment strategies.” As per Sygnum team.
Sygnum also boasts a star studded board of directors and advisory council which hales from both the countries that awarded licences. They include former MAS regulator Chua Kim Leng from Singapore and, Dr Phillip Hildebrand, the vice-chairman of BlackRock Capital.
“Our dual location – in Singapore and Switzerland – is one of the cornerstones of our strategy. This is reflected across team, advisory council, board of directors as well as investor base. All have been instrumental in our achievements so far across both countries,” said Mathias Imbach, Sygnum Co-founder and CEO.
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