The SEBA Bank has announced securing an approval-in-principle (AIP) for its license application. This enables the bank to partake in securities-related activities, covering crypto products such as over-the-counter derivatives and structured products.
Furthermore, SEBA will have the authority to offer advisory services on securities and virtual assets. Additionally, it will also provide asset management for discretionary accounts, covering both traditional securities and virtual assets.
SEBA’s CEO Amy Yu expressed the firm’s optimism regarding prospects in Hong Kong and Singapore. Yu highlighted strong demand from crypto enterprises for comprehensive banking solutions. She also praised the proactive stance of Hong Kong regulators in accommodating these businesses within their jurisdiction.
Yu expressed confidence in obtaining full official approval by the end of the year, underlining the enthusiasm of Hong Kong regulators to support and welcome these innovative ventures.
SEBA Bank Strategic Expansion and Plans in the Asian Market
SEBA Bank initially expanded its operations into Hong Kong in November of the previous year, coinciding with policy statements from local authorities signaling a willingness to embrace digital asset-focused firms. In December, Hong Kong’s Legislative Council introduced an amendment to establish a comprehensive licensing framework for cryptocurrency platforms facilitating retail trading services.
The current modus operandi of SEBA’s Hong Kong subsidiary involves close collaboration with its parent company based in Zug. Initially, the Hong Kong branch will function as an introducing broker, with future plans to progressively increase its autonomy in the Asian market, thereby enhancing product localization.
The bank’s key targets in the Asian region are the markets of Hong Kong and Singapore. After solidifying its presence in Hong Kong, SEBA intends to navigate the licensing procedures in other jurisdictions, with Singapore being a prominent candidate for expansion. This strategic approach aligns with the company’s overarching plan to prioritize the Hong Kong and Singapore markets.
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