Swiss digital asset bank Sygnum has obtained a Major Payment Institution Licence (MPIL) from the Monetary Authority of Singapore (MAS) for its Singapore arm. This license will enable the bank to offer brokerage services for cryptocurrencies, known as Digital Payment Tokens (DPTs), in Singapore. Sygnum also revealed that it currently manages CHF 3.2 billion in assets.

In 2019, Sygnum acquired its banking license in Switzerland and its Capital Market Services license in Singapore, allowing it to provide various financial services such as asset management, corporate finance advisory, capital markets dealing, and custodial services. The bank also holds licenses in Abu Dhabi and Luxembourg, where it focuses on Alternative Investment Funds (AIFs).

Sygnum’s CEO in Singapore, Gerald Goh, praised MAS for its progressive approach to regulating digital assets and highlighted the recent guidelines on stablecoins as a positive development for the industry. Goh believes that these regulatory advancements will encourage investors to increase their exposure to digital assets with confidence.

Despite the downturn in the cryptocurrency market, Sygnum continues to thrive. The bank currently manages over CHF 3.2 billion in assets, serving 1,600 clients. It also provides business-to-business (B2B) services to more than 15 Swiss banks and international institutions.

Recently, Sygnum announced its latest B2B client, Zuger Kantonalbank. Through Sygnum’s B2B API, customers of Zuger Kantonalbank will be able to invest in cryptocurrencies directly from the bank’s mobile app. This follows a similar partnership between Sygnum and PostFinance, a subsidiary of the Swiss government, which was established in April.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Asia
Countries	🇨🇭 🇸🇬 🇱🇺
Sentiment	very positive
Relevance Score	1
People	Gerald Goh
Companies	Monetary Authority of Singapore (MAS), PostFinance, Zuger Kantonalbank, Sygnum
Currencies	Swiss Franc, dpts
Securities	None