Switzerland’s Sygnum Bank has opened in the United Arab Emirates. The digital asset financial institution’s new premises is in the Abu Dhabi Global Market. The strategic expansion to the Middle East will tap into the high net worth population. The bank will offer “crypto and digital asset” wealth management in the region. This move has the potential for the bank to join the international Web3 UAE-based hub which is flourishing with metaverse and blockchain-based projects.
Sygnum received approval to expand its operations to Abu Dhabi in October 2023. The new branch will be providing a vast portfolio of Swiss-regulated banking services started to offer services this month.
Statistics show that over a third of the United Arab Emirates’ adult residents have already invested in the local crypto market which is valued at over US $25 billion. Sygnum Bank joins over 1.400 organisations that are “crypto active” and the local demand for regulated crypto services is on the rise.
Sygnum Bank Middle East is a subsidiary of Sygnum Bank AG and will offer personal, concierge-style services to clients in the region. The bank said it will enable customers to access a portfolio of Swiss-regulated digital asset banking, asset management, tokenization and B2B banking services.
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” –Arvind Ramamurthy, Chief of Markets at Abu Dhabi Global Markets
The UAE has been attracting a growing number of wealthy individuals to take up permanent residence in the country. As of 2022, Dubai is home to 67,900 millionaires, 202 centi-millionaires and 13 billionaires, according to Henley & Partners.
As of September 2022, more than 1,400 organisations and 7,000 individuals are working in the UAE’s crypto and blockchain technology space.
Switzerland and Singapore
Specialising in digital assets, Sygnum Bank is a global bank that operates financial hubs in Switzerland and Singapore. Abu Dhabi will be its third location. Sygnum Bank AG holds a Swiss banking licence and Sygnum Pte has a capital markets licence from Singapore. Digital asset investment services are available to private and institutional investors, corporates and banks. The bank holistically uses Distributed Ledger Technology (DLT) to systematically embed digital assets into regulated banking.