Swiss digital asset bank Sygnum has received in-principle approval from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) to expand to the city.

The approval allows the company to access Abu Dhabi’s established wealth management market and government support, and the opportunity to offers its crypto services.

Giulia Finkbeiner-Bertoni, formerly Head of External Asset Management at Swiss financial group Mirabaud’s Middle East office, has been appointed to head Sygnum’s new Abu Dhabi office.

Sygnum aims to serve the Middle East market with its digital asset banking, asset management, tokenisation and B2B banking services regulated by FINMA in Switzerland.

Target clients will include blockchain firms moving to the UAE for its well-regulated crypto environment, existing local crypto foundations, and traditional institutional investors.

Founded in 2017, Sygnum is a digital asset specialist with a Switzerland banking license and a Singapore capital markets services license. The group was last valued at US$800 million in early 2022.

“I am excited to join the global Sygnum team and introduce our vision for Future Finance to the Abu Dhabi financial community,”

said Giulia Finkbeiner-Bertoni, Sygnum’s designated UAE Senior Executive Officer.

“ADGM is pleased that Sygnum has been awarded an in-principle approval by the FSRA. We look forward to supporting them in expanding their presence in Abu Dhabi and the wider region,”

said Arvind Ramamurthy, Chief of Markets at ADGM.

This article first appeared on Fintech News Middle East.