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Singapore Approves Digital Asset Bank Sygnum’s CMS License

Swiss-based digital asset bank Sygnum announced in a press release Thursday that it has been granted a capital markets services (CMS) license by the Monetary Authority of Singapore (MAS). That approval will enable the company to begin providing digital asset investment strategies and product offerings to qualified investors in Singapore.

The company, which had recently received banking and securities approval from Switzerland’s Financial Markey Supervisory Authority (FINMA), described its initial planned product offering:

The first product will be a multi-manager fund (also referred to as a “fund-of-funds”), which allocates investments across a portfolio of managers that tap into the global digital asset opportunity using different and uncorrelated investment strategies. This will soon be available in Switzerland through Sygnum’s banking platform to institutional and private qualified investors.

The news comes as Singapore continues its efforts to present a welcoming face to the blockchain and cryptocurrency industry. The MAS is currently working in concert with industry partners on Project Ubin, which is exploring options to incorporate blockchain technology into its intra-bank payment systems.

Sygnum Head of Asset Management Stefan Mueller celebrated the news by noting the benefits to the company’s existing customers:

“The CMS license is an important milestone to establishing our asset management arm, leveraging the vibrant financial environment in Singapore. This is complementary to our banking services in Switzerland and will also benefit our Swiss institutional and private qualified investor clients.”

Source
https://dcebrief.com/
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