Sygnum Bank Middle East has received a Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA), following its in-principle approval in October 2022.
The development of the new hub adds to Sygnum Bank AG's Swiss banking licence, Sygnum Pte Ltd's capital markets service (CMS) licence in Singapore, and expansion of a regulated offering into Luxembourg.
Sygnum Bank Middle East will offer personal, concierge-style client service, enabling local client access to a portfolio of Swiss-regulated digital asset banking, asset management, tokenization and B2B banking services.
The bank said it sees regional demand for regulated crypto services on the rise. It expects a diverse range of clients, ranging from existing local crypto foundations and projects to "traditional" institutional investors and qualified high net worth individuals (HNWIs) looking for trusted crypto asset exposure through a regulated partner.
Giulia Finkbeiner-Bertoni, Sygnum Bank Middle East's Senior Executive Officer, said: "The UAE has a proactive investment programme, a progressive crypto regulatory framework and a dynamic, tech-driven economy. We look forward to leveraging this momentum by bringing Sygnum's trusted digital asset services to Abu Dhabi and the region."
Sygnum cites research suggesting that Abu Dhabi possesses the highest economic growth in the MENA region. With 35% of the UAE population already invested in the local US$25bn crypto market and over 1,400 crypto organisations locally-based.
Arvind Ramamurthy, Chief of Markets at ADGM said: "ADGM congratulates Sygnum Bank ME for obtaining their Financial Services Permission from ADGM's FSRA and welcome them to our rapidly growing business ecosystem. 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. 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. With Sygnum's presence in the region, we are committed to upholding market transparency and integrity that bolsters the economic growth of Abu Dhabi, attracts global companies and aids in making it a digital-first international financial hub for seamless business transactions."
