Switzerland-headquartered SEBA Bank AG has expanded its Asian footprint with a new office in Hong Kong by establishing a local subsidiary, SEBA (Hong Kong) Limited.
Announced on Wednesday, the new office is the first physical presence of the Swiss company in the Asia-Pacific (APAC ) region. The Hong Kong subsidiary will initially focus on consultancy services and market research. Additionally, it will have the advantage of strategically partnering in the area for its Swiss head office.
However, the Hong Kong subsidiary is not licensed to conduct banking and financial activities in China’s autonomous jurisdiction, nor supervised by banking and financial authorities.
“We are proud to strengthen our presence in the APAC market with the opening of the new office of SEBA Hong Kong,” said SEBA Bank’s CEO, Franz Bergmueller.
Ludovic Shum is leading the new office as the Managing Director. He has been working with the company for a year and has extensive experience around compliance working with financial services giants and regulators. Previously, he worked for Credit Suisse, Hong Kong’s Securities and Futures Commission, Merrill Lynch, HSBC and a couple of other firms.
“With a considerable pedigree as an international financial center, as well as a supportive regulatory approach to cryptocurrencies, Hong Kong is cementing its position as a global leader in cryptocurrencies,” added Bergmueller.
Going International
SEBA was among the first cryptocurrency startup to receive a banking license in Switzerland and launched services in November 2019. On top of that, it received a CISA license to act as a custodian bank for Swiss collective investment schemes. Moreover, the company bolstered its international ambitions by gaining an Abu Dhabi license earlier this year.
Since its establishment in 2018, SEBA has raised $246.9 million in funding, according to Crunchbase. It closed its last funding round earlier this year, raising $120 million.
“The opening of our Hong Kong office is critical to our ambition in the region,” said Shum.
“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.”
