Here’s another reason why crypto enthusiasts consider Singapore as the blockchain and crypto hub fo Southeast Asia. The Swiss-based Crypto Bank, SEBA received its banking license from the Swiss Financial Market Supervisory Authority (FINMA) in August and it is now fully operational.
SEBA Bank AG is allowing its Swiss clients to open accounts with the bank – it was reported that corporate businesses, asset managers, and professional private investors are allowed to do so. However, Bitcoin, Ethereum, Stellar, Litecoin, and Ethereum Classic are the five cryptocurrencies that the bank is currently supporting.
The bank was set up in April last year whereas it received a license from FINMA in August of this year. It was also reported that the SEBA bank is keenly looking at the security aspects of the clients when offering the ability to leverage the full advantage of digital assets. Moreover, it also asserts that customers can convert cryptocurrencies into traditional currencies and vice-versa via its app and online service. This being said, SEBA’s vision is to fill the gap between digital and traditional assets. It also mentioned that “maintaining the security of digital assets is the crucial success factor for SEBA”.
Moreover, the bank allows customers to manage the five leading digital assets by using the SEBAwallet app, e-banking, and SEBA card facilities. According to the announcement;
“The SEBA Card represents an important step towards the mass introduction of cryptocurrencies,”
While its services are now restricted to the clients in Switzerland, the road map of SEBA reveals that it seeks to offer its services to international customers ahead of expanding its product offering. Other details about the expansion are unclear at the moment.
Notably, SEBA isn’t the only bank in Singapore to receive banking and securities dealer’s license from FINMA. The rival bank, Sygnum AG have already received FINMA’s license and went live in September.
With the free market and not so stubborn regulatory frameworks like other countries (for instance India), several blockchains and crypto firms find Singapore as the potential spot to start or resume their crypto-blockchain operations. They possibly choose Singapore over the other countries, especially when the business concept is relating to the crypto or blockchain ecosystem.
Image Source – Twitter @WeAreSEBA