News

Swiss Digital Asset Bank Sygnum Sets Up Middle East Hub in Abu Dhabi Global Market

Sygnum, a Zurich-based bank, received a Financial Services Permission from Abu Dhabi Global Markert’s (ADGM) Financial Services Regulatory Authority (FSRA), following its initial approval late last year. 

Thanks to the license, Sygnum Bank Middle East can offer regulated crypto banking services to clients in the region through a  “concierge-style client service” that includes digital asset banking, asset management, tokenization and B2B banking services. 

The demand for crypto services in the region has been steadily increasing, and many individuals and institutions alike have invested in the technology. “The UAE has a proactive investment program, a progressive crypto regulatory framework and a dynamic, tech-driven economy,” said Giulia Finkbeiner-Bertoni, Sygnum Bank Middle East’s Senior Executive Officer. “We look forward to leveraging this momentum by bringing Sygnum’s trusted digital asset services to Abu Dhabi and the region.”

More than a third of the UAE’s population have already invested in crypto, and there are over 1,400 crypto organizations currently in the country.  “We believe that Sygnum’s regulated finance offering in Abu Dhabi is a significant addition to our community and will contribute to the growth of the region,” said Arvind Ramamurthy, Chief of Markets at ADGM. “As the largest regulated jurisdiction for digital assets in the MENA region, ADGM acts as a catalyst with the right tools that enable the growth of such companies within the UAE’s financial sector.” 

ADGM is a fast-growing international financial center in the region with more than 5,400 operational companies. The free zone’s mission is to diversify the country’s economy and act as a link between the markets of MENA and the economies of South and East Asia. 

 

MB Staff

Recent Posts

Saudi fintech Hala raises fresh funds from private equity giant TPG

Riyadh-headquartered fintech Hala has secured fresh funding from one of the leading global private equity…

May 25, 2024

Shorooq Partners launches a new $100 million venture debt fund, hits first close

Abu Dhabi-based Shorooq Partners has launched a new $100 million venture debt fund and hit…

May 25, 2024

Saudi fintech Rasan’s IPO oversubscribed 129 times, priced at top of range

Following an overwhelming response from institutional investors, Riyadh-based fintech Rasan has set the final price…

May 23, 2024

Dubai’s Huspy raises fresh funds from Balderton to grow its ‘super app’ for real estate in Middle East & Europe

Dubai-headquartered proptech Huspy has raised an undisclosed amount of fresh funds in a round led…

May 23, 2024

Batelco-owner acquires Egyptian software solutions firm Link Development for undisclosed sum

Beyon Solutions, a subsidiary of Beyon Group (also known as Bahrain Telecommunications Company), which owns…

May 21, 2024

Saudi’s Merit raises $12 million pre-Series B for its customer rewards and engagement platform

Riyadh-headquartered rewards and engagement platform Merit has raised $12 million in an 'oversubscribed' pre-Series B…

May 20, 2024