SEBA Bank permitted to operate in Hong Kong
30 August 2023 09:39
SEBA Hong Kong has received an approval-in-principle (AIP) from the Securities and Futures Commission (SFC) in Hong Kong. As SEBA Bank, a global full-service crypto bank based in Zug, has announced, this AIP for its regional subsidiary covers regulated activities to deal in securities, which includes virtual assets-related products such as structured products and OTC derivatives. SEBA Hong Kong is also permitted to advise on securities and virtual assets and conduct asset management for discretionary accounts in both traditional securities and virtual assets.
The AIP paves the way for SEBA Hong Kong to acquire an official license once the conditions set by the SFC have been met. According to the press release, SEBA Hong Kong would then become one of the first licensed companies in Hong Kong that are able to offer crypto investments, which would make the Swiss bank “a significant frontrunner in Hong Kong’s burgeoning crypto economy.”
“It is exciting to be at the forefront of innovation in one of the world’s leading financial and technological centers, Hong Kong,” says Amy Yu, CEO APAC at SEBA Hong Kong. “We see enormous potential in Hong Kong’s journey to becoming a global crypto market leader and look forward to contributing to that trajectory.” Group CEO Franz Bergmüller explains that the Hong Kong AIP complements the SEBA Group’s established licenses in Switzerland and Abu Dhabi, and therefore “significantly extends” the company’s global regulatory footprint. ce/mm