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Swiss smart bank SEBA opens an office in Hong Kong

Thursday 1 December 2022 14:56 CET | News

Switzerland-based smart bank SEBA has chosen Hong Kong as its first strategic location in APAC by opening a new office and expanding its operations.

 

SEBA Hong Kong will initially offer consultancy services and market research, but it will also engage strategic partners for its main office in Switzerland. SEBA provides fully regulated banking and investment services such as structured products, credit, staking, cards, bank accounts, and crypto and NFT custody.

One of the key aspects that allowed SEBA to establish itself as a trusted crypto custodian in Switzerland is its strict security and deposit protection policy. To be specific, the bank’s client assets are held securely in segregated accounts, off the balance sheet, which means that assets are always available for client withdrawal. 

Regarding the Hong Kong expansion, the newly appointed Managing Director for the SEBA Hong Kong team has expressed his intention to contribute towards the development of the virtual/digital assets space in Hong Kong and the region.

 

Switzerland-based crypto bank SEBA has chosen Hong Kong as its first strategic location in APAC by opening a new office and expanding its operations.

 

SEBA raised USD 120 million in Series C 

In January 2022, SEBA has announced that it has raised CHF 110 million (USD 120 million) in an oversubscribed Series C funding round. 

The round was co-led by Altive, Ordway Selections, and Summer Capital, as well as DeFi Technologies, a NEO listed player in decentralised finance. Alameda Research, a global cryptocurrency quantitative trading firm and liquidity provider, as well as a main FTX partner, also participated in the round. 

SEBA Bank officials revealed that the funding round will accelerate the growth that it has achieved over the past year. At the time of funding, the firm supported more than 25 markets globally, and it strengthened its presence in APAC along with other priority markets in the Middle East including a dedicated office in Abu Dhabi. 

Hong Kong moved to legalise retail cryptocurrency trades

In October 2022, the government of Hong Kong and the SFC have taken steps to legalise retail cryptocurrency trades in order to restore the city’s reputation as a fintech hub. 

Previously, the city proposed limiting crypto trade to professional investors, which caused several startups to move their operations to other markets such as Dubai and Singapore. Now that the Hong Kong government has reconsidered its stance, authorities should start off a consultation process that would give retail investors a certain degree of access to virtual assets. 

In addition, other items on the government’s agenda include reviewing property rights for tokenised assets and potentially legalising smart contracts.


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Keywords: cryptocurrency, expansion, banks, digital assets
Categories: DeFi & Crypto & Web3
Companies: SEBA Bank
Countries: Hong Kong
This article is part of category

DeFi & Crypto & Web3

SEBA Bank

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