Sygnum Bank has opened a hub in the Middle East after receiving permission from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority.
Giulia Finkbeiner-Bertoni, an experienced executive in the Middle East, will lead Sygnum’s operations, from Abu Dhabi, across the region.
Sygnum Bank Middle East will offer a “personal, concierge-style” client service, enabling access to its portfolio of Swiss-regulated digital asset banking, asset management, tokenisation and B2B banking services.
The Switzerland-based digital asset bank believes the crypto market in the Middle East, and specifically Abu Dhabi, has huge potential for growth.
Reasearch from Statistics Centre Abu Dhabi shows the emirate has the highest GDP growth rate, 10.5%, in the MENA region.
Furthermore, 35% of the UAE population already invests in the local US$25b crypto market, and there are 1,400 crypto organisations based locally, according to the Gemini cryptocurrency exchange 2022 report.
Finkbeiner-Bertoni commented: “The UAE has a proactive investment programme, a progressive crypto regulatory framework and a dynamic, tech-driven economy.
“We look forward to leveraging this momentum by bringing Sygnum’s trusted digital asset services to Abu Dhabi and the region.”
Welcoming the announcement, Arvind Ramamurthy, chief of markets at ADGM, said: “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.
“With Sygnum’s presence in the region, we are committed to upholding market transparency and integrity that bolsters the economic growth of Abu Dhabi, attracts global companies and aids in making it a digital-first international financial hub for seamless business transactions.”