Zug-headquartered SEBA Bank, which operates a digital asset banking platform, has gained approval from the Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority for conducting operations under its jurisdiction. In particular, the company has secured a Financial Services Permission that came into effect on February 7.
The new license came as a part of the Swiss company’s strategy to expand its licensed presence across markets in the Middle East. With the new ADGM approval, it can now advise on investments or credit, arrange credit and custody as well as arrange deals in investments.
“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,” said Guido Buehler, the CEO of Seba Bank.
A New Office
Furter, SEBA has opened an office in Abu Dhabi ADGM. This, according to the company, will help it to strengthen support for its regional partners in the provision of regulated digital asset services.
“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,” Buehler added.
Moreover, it is planning to increase headcounts across operations, sales and business development roles in the new office.
Established in 2018, SEBA was one of the first crypto-focused companies to receive a Swiss banking license. Over the year, it expanded its regulated crypto offerings and closed a $120 million funding round last month primarily to accelerate its institutional business growth.
“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,” AGDM’s CEO of the Registration Authority, Dhaher Bin Dhaher Al Muhairi, said.
“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.”
