SEBA Bank, a Swiss-registered digital asset bank, has been awarded a license to operate in the Abu Dhabi Global Market, the UAE’s international financial centre (ADGM).
According to reports, the Financial Service Permission (FSP) license, which was given by the Financial Services Regulatory Authority (FSRA), went into effect on February 7, 2022. SEBA Bank opened an office at the ADGM following the issuance of the license.
SEBA Bank explains the importance of obtaining the FSP license in a statement released on February 22. The FSP license allows the bank to “conduct regulated activities in the ADGM, including advising on investments or credit, arranging credit and custody, and arranging deals in investments,” according to the bank.
According to the digital bank’s statement, SEBA’s expansion will be accelerated by creating an office in the UAE.
The statement said that SEBA Bank’s plan to build licensed presences in the areas it serves includes ADGM. With the opening of the dedicated office in Abu Dhabi, the bank will be able to increase staff in the area across operations, sales, and business development.
ADGM Contributes to Economic Diversification:
The license is a crucial addition “to our current licenses, as a FINMA regulated banking and securities dealer and licensed supplier of custody services for Swiss Collective Investment Schemes for Digital Assets,” according to Guido Buehler the bank’s CEO.
Dhaher Bin Dhaher Al Muhairi, CEO of ADGM’s Registration Authority, said SEBA Bank is a welcome addition to the financial centre’s growing roster of financial institutions. He continued,
“ADGM is continually working to improve its financial services offering in order to contribute to the growth and diversification of the Abu Dhabi economy and to boost the lively ecosystem.” SEBA’s rumoured expansion into the UAE after the company concluded a $120 million Series C financing less than a month ago.
