Thursday, December 12, 2019

Swiss Crypto-Focused Bank SEBA Expands Services to Nine More Countries Including Singapore and Hong Kong

Switzerland-based crypto friendly bank SEBA, an integrated bank for digital and traditional assets and licensed by the Swiss supervisory authority FINMA, is now accepting institutional clients and accredited investors from nine more countries, the bank made the announcement on December 12 on its website.

According to the publication, the newly added jurisdictions are Singapore, Hong Kong, U.K., Italy, Germany, France, Austria, Portugal, and the Netherlands. Including its homeland, the SEGA Bank AG is now onboarding clients from a total of 10 countries.

The Zug-based institution started services in Switzerland in November of 2019. The bank received banking and securities dealer licenses form FINMA in August. It claims to be the first bank in the world to combine traditional banking with crypto and digital assets, offering services in the area of asset management, trading, custody and financing.

The bank offers SEBAwallet app, e-banking services and SEBA card facilities. The customers can manage five major crypto assets, (BTC), Ether (ETH), Stellar (XLM), Litecoin (LTC) and Ether Classic (ETC) on its platform “easily, securely and cost-effectively, and convert them into traditional currencies and vice versa.” The SEBA Card enables users to spend their money at around 42 million points of sale (PoS) worldwide.

The Bank said:

Its comprehensive banking services are aimed at banks, asset managers, pension funds, companies and professional private investors. In addition, a limited range of services is intended specifically for Swiss blockchain companies and their employees.”

The bank also provides crypto investors a dynamic and risk optimized he SEBA Crypto Asset Select Index (SEBAX) to better manage their crypto assets. SEBA said that the platform will also be offering the tokenization of investment products, real assets, rights, and primary financing in near future.

Guido Buehler, CEO of SEBA Bank, commented:

With our services we want to redefine the customer-bank relationship and give clients a simple but the most secure banking experience both in the new and old financial world.”

SEBA Crypto AG is one of two cryptocurrency banks in Switzerland to have received regulatory approval from FINMA, the other being Sygnum which is also eyeing for global expansion. As reported by Crypto Economy on November 1, Sygnum received the capital markets services (CMS) license in Singapore, allowing it to provide asset management services in the country.

 

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