Cryptocurrency firm Sygnum plans to apply for banking licence in Singapore

Photo: Bloomberg

Cryptocurrency-related financial services are hard to find in Singapore, as digital assets are a market traditional lenders have tended to avoid. Sygnum, one of the first crypto companies to obtain a conditional banking and securities dealer license from Swiss regulators, is hoping to fill that gap.

Sygnum, which is based in both Switzerland and Singapore, now plans to apply for a banking license in the island nation. It has started talking with regulators and petitioned for a capital markets services license, which will allow the firm to offer asset-management business as a first step into financial services, co-founders Mathias Imbach and Gerald Goh said in a phone interview Tuesday.

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