SEBA Bank’s Hong Kong Branch Secures Full License for Crypto Services from SFC
The Swiss crypto bank SEBA has announced that its wholly owned subsidiary SEBA Hong Kong has received a full license from the city’s Securities and Futures Commission (SFC).
This regulatory approval enables the bank to engage in a wide range of financial activities, including the handling and advisory of both digital and traditional assets. SEBA Bank also targets various clients, from institutional and professional investors, corporate treasuries, funds, to family offices and high-net-worth individuals.
Amy Yu, CEO of SEBA Hong Kong, expressed enthusiasm about the SFC’s final nod, addressing to Hong Kong’s prominence in finance and innovation. “The region’s position at the forefront of finance, trading, and innovation has long been attractive to us, as servicing APAC clientele is an integral aspiration of the team’s DNA,” Yu said. “We are tremendously excited by Hong Kong’s deep-rooted capital markets and appetite for investment and trading.”
SEBA Bank CEO Franz Bergmueller echoed the sentiment, noting the importance of the operation in Hong Kong for the bank’s global scope. “We are very pleased to have added this Hong Kong license with the full approval from the SFC to our existing licenses in Switzerland (FINMA) and Abu Dhabi (FSRA),” he said, “the region’s robust legal system provides a solid foundation to conduct crypto-related services and we look forward to beginning that from today.”
SEBA Bank’s Licensing Milestone: In Step with Hong Kong’s Strategy
In August, the Swiss-based SEBA Bank announced that it received an approval-in-principle (AIP) from the SFC, bringing it one step closer to the full license acquired today. SEBA Bank has been active pushing towards institutional custody of cryptocurrency and partnered with the Swiss bank SGKB to provide bitcoin and ether custody and trading services.
On the other hand, as a finance center in Asia, Hong Kong aims to thrive as an international crypto hub despite global scrutiny. During Hong Kong FinTech Week 2023, the city’s financial regulators demonstrated persistence and confidence in support for digital asset regulations and Web3 innovation, regardless of the recent crackdowns on crypto exchanges like JPEX.