Businesses from Liechtenstein and Switzerland are looking at opportunities in Southeast Asia – the fastest growing blockchain market in the world. Sygnum and Crypto Finance AG are the latest examples.
China has been all over the blockchain and crypto news for the past weeks. After President Xi Jinping announced at the end of October that his country would support the build-up of blockchain infrastructure and even introduce its own Blockchain law, Bitcoin prices have pumped. On the same day of the announcement, Bitcoin went up 22%, a massive comeback after it had just dropped by 8% two days earlier.
Ironically, Xi’s announcement was not even intended to be Bitcoin-positive. He spoke about blockchain technology, and China has long been a supporter of the “Blockchain, not Bitcoin” narrative. And it’s unlikely that this will change anytime soon. China is about to launch its own state-backed digital currency, and the government has no interest in supporting free-floating digital currencies that are outside of its sphere of control.
But Asia is much bigger than just China. Some of its southern neighbors are increasingly interested in blockchain technology as well. Already today, Southeast Asia is one of the fastest-growing blockchain markets in the world. That brings opportunities, and Liechtenstein- and Swiss-based businesses are getting interested.
Sygnum has been granted a capital market services (CMS) license in Singapore
Last week, Zurich-based crypto bank Sygnum was granted a capital market services (CMS) license for asset management in Singapore. The company recently received its banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA). With the new CMS license, Sygnum can conduct asset management activities in Singapore, where it will focus on digital investment strategies for institutional investors.
Sygnum Co-Founder and CEO Singapore Mathias Imbach said, “Our dual location – in Singapore and Switzerland – is one of the cornerstones of our strategy. This is reflected across team, advisory council, board of directors as well as investor base. All have been instrumental in our achievements so far across both countries.”
Crypto Finance Group is expanding to Asia
Last week, Crypto Finance Group announced to enter the Asian market and launch an office in Hong Kong. According to the press release, the Swiss-based company will “serve demand for digital-asset products and services from an office in Hong Kong. […] Asian clients have earned a reputation as eager traders and therefore act as key drivers of growth in the global digital token and coin boom.”
Swiss Asian Crypto Alliance (SACA) to organize Blockchain Finance Conference in Korea
“Digital Transformation of Financial Sectors in Switzerland” is the event theme of and it will take place in Seoul today. The idea behind SACA is to launch a network of blockchain and crypto businesses connecting Switzerland and Asia. The Association operates out of Zug and brings together companies and professionals from Switzerland, Liechtenstein, and South Korea. In 2020, Hong Kong, Singapore, and Japan will be added to the list as well.
Those are just three recent headlines, and there is a range of other Liechtenstein- and Swiss-based businesses that are active in Southeast Asia. And many more are looking for opportunities. The Singapore Fintech Festival 2019 will start coming Monday and it will include a Swiss Pavilion with 20 fintech, finance, and technology firms from Switzerland and Liechtenstein. For blockchain businesses looking for international opportunities, Southeast Asia might be the place to go next.