Sygnum, a regulated digital asset bank, was conceived with a dual vision between Singapore and Switzerland. Gerald Goh, co-founder and CEO of Sygnum Asia-Pacific, has been a key player in establishing this transcontinental structure since 2017. Even with the fluctuating state of crypto markets, Goh reports a robust demand. According to Sygnum’s recent survey, digital assets are becoming increasingly popular among high net worth individuals (HNWIs) in Asia.
The concept of Sygnum saw its inception in Singapore in 2017 during the Singapore Fintech Festival. Goh, along with his three co-founders Luka Müller, Manuel Krieger and Mathias Imbach, were united by a shared vision: to provide a trustworthy platform for global access to digital assets.
The founders envisioned Sygnum as a bridge between Singapore and Switzerland, two of the world’s most innovative and forward-thinking financial centers. Their goal was to leverage the openness of these regulatory environments to integrate digital assets into the financial services sector. However, they were unsure which jurisdiction would pioneer the regulation of digital assets.
As a result, the founders decided to simultaneously incorporate Sygnum in both Singapore and Switzerland. This decision proved to be a prudent one, as it allowed them to engage with both regulatory environments from the outset. From its inception, Sygnum has had a strong presence in the Asia-Pacific region.
Goh explains that the dual structure was driven by the recognition of Singapore and Switzerland as trusted financial hubs in their respective regions. The Swiss base was intended to serve Europe, while the Singapore base would cater to the Asia-Pacific region. The founders saw this as a strategic combination of the best of both worlds, given that both the Swiss Financial Market Supervisory Authority (FINMA) and the Monetary Authority of Singapore (MAS) were among the earliest regulators to recognize the potential of blockchain technology.
While Sygnum Asia appears to be more consumer-focused (B2C), its Swiss counterpart is more oriented towards serving businesses (B2B). In Singapore, Sygnum utilizes both B2C and B2B channels, but Goh acknowledges the current tilt towards B2C. The company has more direct clients than banking partners in Singapore, whereas in Switzerland, Sygnum collaborates with over 20 Swiss banks and is a leading provider of B2B services.
Goh believes that the slower institutional adoption of crypto in Singapore is due to the cautious approach of regulated intermediaries in the region. Despite years of engagement with local banks and external asset managers, the momentum to launch regulated digital asset services has been somewhat subdued compared to other regions.
How did the concept of Sygnum come into being?
The idea for Sygnum was conceived during the 2017 Singapore Fintech Festival. The co-founders envisioned a platform that would offer global access to digital assets in a trusted manner.
What was the rationale behind incorporating Sygnum in both Singapore and Switzerland?
The decision to incorporate in both jurisdictions was driven by the recognition of Singapore and Switzerland as leading, innovative financial hubs. The dual structure allowed Sygnum to engage proactively with the regulatory environments of both regions.
Why is institutional adoption of crypto slower in Singapore?
The slower adoption rate is attributed to the cautious approach of regulated intermediaries in Singapore. Despite ongoing engagement with local banks and external asset managers, the pace to launch regulated digital asset services has been more measured than in other regions.
