Key Takeaways:
- SEBA Bank obtains FSP from ADGM’S FSRA.
- The regulator has also set up a new office in Abu Dhabi to extend its headcount in various sectors.
Today, SEBA Bank has announced the acquirement of Financial Services Permission (FSP) from Abu Dhabi Global Market (ADGM)’s Financial Services Regulatory Authority (“FSRA”) effective as of February 7, 2022. According to the receipt, SEBA Bank has also inaugurated an office in Aby Dhabi ADGM to fortify the help for its neighbouring partners according to the settlement of regulated digital asset services.
“The UAE is a global leader in digital assets and blockchain, with the Emirates Blockchain Strategy 2022 providing a clear plan for cementing its place as a global hub for blockchain innovation. Abu Dhabi has established clear regulatory frameworks which allow licensed companies to operate with clarity in the country. As a regulated bank, SEBA Bank can act as a trusted counterparty to those interested in digital asset investment and banking services in the region,” says Christian Borel, Senior Executive Officer and Branch Manager at SEBA Bank AG ADGM.
Establishing a new office aims to speed up the significant growth that SEBA Bank has obtained in the last few years. Last month, SEBA closed a USD 120 million Series C round to carry on with high-trajectory institutional business growth via an additional interest in product offering and technology. A crucial part of SEBA Bank’s strategy is ADGM which is essential to lay out “licenced presences” in their functioning market sphere. This additional office will help the organisation achieve more headcount across operations, sales, and business development in the region.
Guido Buehler, CEO at SEBA Bank, stated, “We are proud to receive a licence from the ADGM FSRA to provide our digital asset banking services in the ADGM. This licence is a valuable 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. Backed by the UAE’s sovereign wealth fund, Mubadala Investment Company, Abu Dhabi’s international financial services centre, ADGM is a leading global hub for driving innovation in technology and business development and will offer valuable support in meeting our growth objectives for the region. Our new office in the thriving business and financial district on Al Maryah Island will serve as a strategic hub for SEBA Bank to cater effectively to the evolving needs of our customers in the UAE and across the region.”
Dhaher Bin Dhaher Al Muhairi, CEO of Registration Authority of ADGM, further added, “We welcome SEBA Bank to ADGM’s expanding family of financial institutions at an incredibly exciting juncture for the thriving digital asset landscape. 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. We look forward to supporting the SEBA Bank in its global growth strategy and serving as the GCC hub for business, financial services and client servicing activities.”
