Sygnum Bank, a Zurich-based digital asset bank, is setting up its Middle East hub in the Abu Dhabi Global Market that will allow it to provide a portfolio of Swiss-regulated crypto banking services to its clients in the region.
Sygnum Bank Middle East has received Financial Services Permission from ADGM’s Financial Services Regulatory Authority (FSRA), following its in-principle approval in October 2022, the bank said in a statement on Wednesday.
Giulia Finkbeiner-Bertoni will be senior executive officer of Sygnum and will lead the bank's operations across the region from ADGM, one of the fastest growing international financial centres in the Middle East and North Africa.
Sygnum Bank Middle East will offer “personal, concierge-style client service” that will allow its regional client access to a portfolio of Swiss-regulated digital asset banking, asset management, tokenisation and business-to-business banking services.
The ADGM is at the heart of Abu Dhabi's efforts to diversify its economy and connect the emirate with markets in the Mena region and economies in southern and eastern Asia.
The financial free zone is home to more than 5,400 companies, including global businesses, financial institutions, treasury centres, professional services companies, FinTechs, digital asset trading and advisory entities.
The number of digital asset companies in the emirate's financial centre is growing rapidly and the FSRA has licensed two custodians, five exchanges, clearing and settlement companies, an adviser and an asset and wealth manager, Emmanuel Givanakis, chief executive of the FSRA, told The National in November.
It has also given in-principle approvals to three brokers, an asset and wealth manager and a company involved in custody operations.
Eighteen more companies have applied for licences to start operations at the financial centre, according to FSRA data.
“The UAE has a proactive investment programme, a progressive crypto regulatory framework and a dynamic, tech-driven economy,” Ms Finkbeiner-Bertoni said.
“We look forward to leveraging this momentum by bringing Sygnum’s trusted digital asset services to Abu Dhabi and the region.”
With regional demand for regulated crypto services on the rise, Sygnum said it was looking to tap into a diverse range of clients, from “existing local crypto foundations and projects to traditional institutional investors” as well as qualified high-net-worth individual investors in the broader region.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Killing of Qassem Suleimani
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Jetour T1 specs
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Power: 254hp
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UAE currency: the story behind the money in your pockets
Hotel Data Cloud profile
Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)
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TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
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The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The specs
Engine: 2.0-litre 4-cyl turbo
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Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
