SEBA Crypto Bank ventures into Hong Kong

Lavina Daryanani
Source: Retail Banker International

On Wednesday, Switzerland-based SEBA Bank revealed the opening of a new Hong Kong office to serve global institutional clients. The said initiative is a part of the crypto bank’s Asia-Pacific expansion.

THE APAC region is currently an emerging market for cryptos. Hong Kong, as such, has a supportive crypto licensing framework that provides a “valuable base” to tap into the growing demand. Thus, it would help the bank encash the “business potential” in the region. As such, SEBA Hong Kong’s initial activities will focus on consultancy services and market research, as well as engaging strategic partners for its head office in Switzerland.

Ludovic Shum, Managing Director at Seba Hong Kong, will oversee the new office. According to the executive’s LinkedIn profile, he previously worked for HSBC, Merrill Lynch, Credit Suisse, and Hong Kong’s financial regulator—The Securities and Futures Commission [SFC].

Why Hong Kong?

Commenting on the latest development and elaborating on Hong Kong’s strategic importance, Franz Bergmueller, CEO of SEBA Bank, said,

“We are proud to strengthen our presence in the APAC market with the opening of the new office of SEBA Hong Kong. With a considerable pedigree as an international financial centre, as well as a supportive regulatory approach to cryptocurrencies, Hong Kong is cementing its position as a global leader in cryptocurrencies.”

Also Read: Is Hong Kong the next Bitcoin hub?

Hong Kong has consistently made it to crypto headlines. Recently, the country revealed that it was relaxing the existing crypto regulation in order to pave the way for retail investors. Further, the Securities and Futures Commission of Hong Kong is also reportedly set to roll out a public consultation on enabling retail investors to potentially trade crypto.

The said revelation was a part of the city’s aim at rebuilding its reputation as a prominent financial centre. The financial strain ticked off by COVID and political unrest seems to be in reversal mode now in the said country.

Read More: Hong Kong could legalize retail investor crypto trading via public consultation

Further opining on how the newly set up office will cater to the crypto bank’s larger ambitions, Ludovic Shum, Managing Director at SEBA Hong Kong, said, 

“The opening of our Hong Kong office is critical to our ambition in the region. By strengthening our presence in a key international financial centre, we are proud to form part of the crypto ecosystem and to contribute towards the development of the virtual/digital assets space in Hong Kong and the region.”