The Swiss crypto bank, SEBA Bank, was recently granted a license to operate in the Abu Dhabi Global Market (ADGM), the UAE’s financial center. SEBA is now able to provide services that are regulated.
SEBA’s Strategy
The Swiss-registered digital asset bank, SEBA Bank, has been granted a license that allows it to operate in the UAE’s international financial center, the Abu Dhabi Global Market (ADGM).
Reports state that the Financial Services Regulatory Authority issued the Financial Service Permission license (FSP), on February 7, 2022. Following the licensing, SEBA Bank opened an ADGM branch.
In a statement released on February 22, SEBA Bank explains the importance of getting the FSP license which it says authorizes the bank to “conduct regulated activities in the ADGM, including advising on investments or credit, arranging credit and custody, and arranging deals in investments.”
Regarding the opening of an office in the UAE, the digital bank’s statement said this will further accelerate SEBA’s growth. This statement says:
ADGM is part of SEBA Bank´s strategy to establish licenced presences in the markets which we serve. The bank’s Abu Dhabi office will allow it to expand its headcount in operations, sales and business development.
ADGM contributes to diversification of economy
Commenting on the digital bank’s latest milestone, Guido Buehler, the bank’s CEO, said the license is an important addition “to our existing licences, as a FINMA regulated banking and securities dealer and licensed provider of custody services for Swiss Collective Investment Schemes for Digital Assets.”
For his part, Dhaher Bin Dhaher Al Muhairi, the CEO of the Registration Authority at ADGM, said his institution welcomes SEBA Bank to the financial center’s expanding list of financial institutions. He also said that:
“ADGM constantly seeks to advance its financial services offering to enhance the vibrant ecosystem and contribute to the growth and diversification of the Abu Dhabi economy.”
SEBA’s reported entry into the UAE comes more than a month after it closed a $120 million Series C round.
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