Switzerland-based SEBA Bank, a cryptocurrency-focused financial institution, has achieved a significant milestone in its global expansion plans. The bank’s wholly-owned subsidiary, SEBA Hong Kong, has secured a regulatory license from Hong Kong regulators. This license allows SEBA Bank to offer regulated cryptocurrency services to institutional investors in the city-state.
Regulatory License and Expansion
SEBA Hong Kong received the license from the Hong Kong Securities and Futures Commission (SFC), following in-principle approval received three months earlier. The approval from Hong Kong regulators comes after nearly a year since SEBA Bank established an office in the region. With this license, SEBA Hong Kong can deal with and distribute securities, including products related to digital assets, such as over-the-counter (OTC) derivatives. In addition, the subsidiary is authorized to provide advisory services on digital assets and securities and conduct asset management for discretionary accounts, covering both traditional securities and virtual assets.
The regulatory license obtained by SEBA Hong Kong enables the bank to cater to institutional and professional investors in Hong Kong. The bank’s services will be available to a diverse range of clients, including funds, high-net-worth individuals, and corporate treasuries. SEBA Bank recognizes the importance of serving these clients and aims to offer seamless cryptocurrency services within the city-state.
The Group CEO of SEBA Bank, Franz Bergmueller, emphasized the benefits of Hong Kong’s clear regulatory framework. He stated that the region’s robust legal system provides a solid foundation for conducting crypto-related services. This advantage not only benefits SEBA Bank but also enables businesses in Hong Kong to utilize cryptocurrency services with ease. The bank is optimistic about starting its operations in the city-state and leveraging the supportive regulatory environment for further growth.
The Journey of SEBA Bank in Hong Kong
SEBA Bank’s entry into the Asia-Pacific (APAC) region began with the establishment of its Hong Kong office in November 2022. The successful in-principle approval from the SFC in August 2023 paved the way for the recent regulatory license. Prior to the approval in Hong Kong, SEBA Bank had already obtained licenses from regulators in Switzerland and Abu Dhabi. The licensing in Hong Kong strengthens SEBA Bank’s international presence and demonstrates its commitment to expanding its cryptocurrency services globally.
SEBA Bank’s achievement of securing a regulatory license in Hong Kong marks a significant milestone in its global expansion plans. With the ability to offer regulated cryptocurrency services to institutional investors, the bank aims to serve a wide range of clients, including funds, high-net-worth individuals, and corporate treasuries. The advantageous regulatory framework in Hong Kong and the bank’s expertise in the crypto industry position SEBA Bank for success in its operations within the city-state. This additional license adds to SEBA’s existing licenses, reinforcing its position as a trusted financial institution in the cryptocurrency space.