Switzerland’s SEBA Bank To Operate Crypto Services In Abu Dhabi Global Market
SEBA Bank, a Swiss Financial Market Supervisory Authority (FINMA) licensed digital assets banking platform, has secured Financial Service Permission FSP from Abu Dhabi Global Market’s Financial Services Regulatory Authority FSRA a few days ago.
Following receipt of this FSP, SEBA Bank has opened an office in Abu Dhabi ADGM to strengthen support for its regional partners in the provision of regulated digital asset services.
The FSP authorises SEBA Bank to conduct regulated activities in the ADGM, including advising on investments or credit, arranging credit and custody, and arranging deals in investments; pursuant to the Financial Services and Markets Regulations 2015.
The office opening in Abu Dhabi will further accelerate the considerable growth that SEBA Bank has achieved over the past year.
In January, SEBA Bank closed a $120 million Series C round enabling continued high-trajectory institutional business growth through further investment in product offering and technology.
ADGM is part of SEBA Bank ´s strategy to establish licenced presences in the markets which we serve. With the dedicated office in Abu Dhabi, the bank will further expand headcount across operations, sales, and business development in the region.
Guido Buehler, CEO at SEBA Bank, said, “We are proud to receive a licence from the ADGM FSRA to provide our digital asset banking services in the ADGM. This licence is a valuable addition to our existing licences, as a FINMA regulated banking and securities dealer and licensed provider of custody services for Swiss Collective Investment Schemes for Digital Assets.”
Buehler further said: “Backed by the UAE’s sovereign wealth fund, Mubadala Investment Company, ADGM is a leading global hub for driving innovation in technology and business development and will offer valuable support in meeting our growth objectives for the region. Our new office in the thriving business and financial district on Al Maryah Island will serve as a strategic hub for SEBA Bank to cater effectively to the evolving needs of our customers in the UAE and across the region.”
Dhaher Bin Dhaher Al Muhairi, CEO of the Registration Authority at ADGM, said: “We welcome SEBA Bank to ADGM’s expanding family of financial institutions at an incredibly exciting juncture for the thriving digital asset landscape.”
“ADGM constantly seeks to advance its financial services offering to enhance the vibrant ecosystem and contribute to the growth and diversification of the Abu Dhabi economy. We look forward to supporting the SEBA Bank in its global growth strategy and serving as the GCC hub for business, financial services and client servicing activities,” Al Muhairi added.
SEBA Bank is the Swiss smart bank providing a secure, institutional-grade, universal suite of regulated banking services for the new digital economy.
Guiding Clients Seamlessly
As one of the world’s first fully licensed banks with a core capability in digital assets, SEBA Bank is trusted by investors, financial institutions, and corporations to seamlessly guide clients into the digital asset economy.
Christian Borel, Senior Executive Officer and Branch Manager at SEBA Bank AG ADGM, added, “The UAE is a global leader in digital assets and blockchain, with the Emirates Blockchain Strategy 2022 providing a clear plan for cementing its place as a global hub for blockchain innovation. Abu Dhabi has established clear regulatory frameworks which allow licensed companies to operate with clarity in the country. As a regulated bank, SEBA Bank can act as a trusted counterparty to those interested in digital asset investment and banking services in the region.”
UAE is embracing the crypto culture despite several other nations worrying about its legitimacy. In December last year, the Dubai Media Office revealed that the Dubai World Trade Centre (DWTC) will become a crypto zone and a regulator for cryptocurrencies in the coming days.
Given the intrigue around the crypto sector in the UAE, SEBA Bank intends to help investors take aware decisions.