<p>Switzerland-headquartered <a href="https://www.financemagnates.com/tag/seba-crypto-ag/" target="_blank" rel="follow">SEBA Bank AG</a> has expanded its Asian footprint with a new office in Hong Kong by establishing a local subsidiary, SEBA (Hong Kong) Limited.</p><p>Announced on Wednesday, the new office is the first physical presence of the Swiss company in the <a href="https://www.financemagnates.com/terms/a/asia-pacific-apac/" target="_blank" id="6a6c466f-8e57-4ee5-81b8-239e9d7b0667_1" class="terms__main-term">Asia-Pacific (APAC</a>) 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.</p><p>However, the <a href="https://www.financemagnates.com/cryptocurrency/hong-kong-set-to-legalize-crypto/" target="_blank" rel="follow">Hong Kong</a> subsidiary is not licensed to conduct banking and financial activities in China’s autonomous jurisdiction, nor supervised by banking and financial authorities.</p><p>“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.</p><p>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 <a href="https://www.financemagnates.com/terms/c/compliance/" target="_blank" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a_1" class="terms__secondary-term">compliance</a> 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.</p><p>“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.</p><p>Going International</p><p>SEBA was among the first cryptocurrency startup to receive a banking license in Switzerland and <a href="https://www.financemagnates.com/cryptocurrency/news/seba-launches-crypto-banking-services-in-switzerland/" target="_blank" rel="follow">launched services</a> in November 2019. On top of that, it <a href="https://www.financemagnates.com/cryptocurrency/news/seba-bank-gains-custodian-license-from-finma/" target="_blank" rel="follow">received a CISA license</a> to act as a custodian bank for Swiss collective investment schemes. Moreover, the company bolstered its international ambitions by gaining an <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-focused-seba-bank-gains-abu-dhabi-license/" target="_blank" rel="follow">Abu Dhabi license</a> earlier this year.</p><p>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.</p><p>“The opening of our Hong Kong office is critical to our ambition in the region,” said Shum.</p><p>“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.”</p>
This article was written by Arnab Shome at www.financemagnates.com.
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