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ZURICH/ABU DHABI, 22nd March, 2023 (WAM) — Sygnum, the world’s first digital asset bank, has announced the opening of its Middle Eastern hub at the Abu Dhabi Global Market International Financial Center to offer Swiss-regulated cryptocurrency portfolio banking services .
Sygnum Bank Middle East has received a Financial Services License (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), following approval-in-principle in October 2022. Giulia Finkbeiner-Bertoni, an experienced Middle East executive, leads Sygnum’s operations in the region and opens an office in the ADGM International Financial Centre.
Sygnum Bank Middle East will offer a personal concierge-style customer service, enabling local clients to conveniently access a Swiss-regulated portfolio of digital asset banking, asset management, tokenization and B2B banking services. As regional demand for regulated crypto services continues to grow, clients will come from a variety of sectors, from existing local crypto foundations and projects to “traditional” institutional investors and regulated partners seeking trusted exposure to cryptoassets qualified high-net-worth individuals.
Giulia Finkbeiner-Bertoni, Senior Executive at Sygnum Bank Middle East, said: “The UAE has an active investment program, a progressive crypto regulatory framework and a vibrant, technology-driven economy. services to Abu Dhabi and the region to capitalize on this momentum.”
Sygnum’s local presence in Abu Dhabi gives it direct access to a large and increasingly cryptocurrency-heavy wealth management market. The emirate of Abu Dhabi is a true “falcon economy” with the highest economic growth in the Middle East and North Africa, according to new research. With 35% of the UAE’s population already invested in the $25 billion crypto market, and with more than 1,400 local crypto organizations, Abu Dhabi has the potential to become a regional and international center for future Web3, metaverse, and blockchain projects.
Welcoming the FSP announcement, Arvind Ramamurthy, Head of Markets at ADGM, said: “ADGM congratulates Sygnum Bank ME on obtaining a financial services license from ADGM’s FSRA and welcomes them to our fast-growing business ecosystem. We are confident that Sygnum will offer a regulated “The financial product Dhabi is an important addition to our community and will contribute to the development of the region. As the largest regulatory jurisdiction for digital assets in the MENA region, ADGM acts as a catalyst to enable such companies to grow financially in the UAE with the right tools.” industry.With Sygnum’s presence in the region, we are committed to maintaining market transparency and integrity to foster Abu Dhabi’s economic growth, attract global companies, and help make it a digital-first international financial center for seamless business transactions. “
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