Swiss SEBA Bank secures in-principle approval for digital asset offerings in Hong Kong

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<p>Financial service provider, SEBA Bank has been granted an approval-in-principle (AIP) from the Hong Kong Securities and Futures Commision (SFC) for a license that would introduce a selection of digital asset solutions to residents in the region. Approval of the license&nbsp;brings SEBA closer to their dreams of working in the digital asset ecosystem, but there is still work to be done before a full license is granted. </p>
<p>SEBA APAC CEO, Amy Yu commented on the AIP, excited to be at “the forefront of innovation in one of the world’s leading financial and technological centres” of Hong Kong. She was careful to emphasize that the firm has made a commitment to both meet SFC requirements for customer safety, and uphold best practices for digital asset custody.</p>
<p>Of potential offerings, if released, include over-the-counter (OTC) derivative options as well as digital asset management services. As outlined by the SFC, the Virtual Asset Service Providers (VASPs) demand enough distancing between customers’ and company owns funds. </p>
<p>It is yet unclear when the SFC will see fit for releasing the full license to SEBA, however, Yu was upbeat about operating even with the current limitation stating that the AIP “reflects the team’s commitment to compliance and due diligence – essential for a digital economy.” These foundations have backed up SEBA’s bid to expand ports of call which spans beyond their central headquarters in Switzerland all the way to the United Arab Emirates. Now, ambitions have cast a wider scope onto Hong Kong seeking the potential of growth with the launch of recent initiatives by state administrators targeting investments and retail trading. The foil referencing a fintech fund, along with incubation hubs for digital asset solutions providers, and finally efficient access to banking services, points to a region attractive to global corporations for investment.</p>

Robert Wilson author
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