<p>Switzerland-based cryptocurrency bank Sygnum has received a capital markets services license in Singapore, allowing it to provide asset management services in the Asian country.</p> <p>Announcing the news on Thursday, Sygnum <a href="https://www.insights.sygnum.com/post/sygnum-granted-capital-markets-services-licence">said</a> the <a href="https://www.mas.gov.sg/regulation/capital-markets/Capital-Markets-Services-CMS-Licence">license</a> has been awarded by the Monetary Authority of Singapore, the country’s central bank, and that its first product will be a multi-manager fund. <br /> <br /> Multi-manager funds are also known as <a href="https://www.investopedia.com/terms/f/fundsoffunds.asp">funds-of-funds</a> and invest in other types of funds such as mutual funds or hedge funds. Sygnum said its multi-manager fund will allocate investments across a portfolio of managers that tap into the global digital asset opportunity using “different and uncorrelated” investment strategies.</p> <p>Sygnum’s head of asset management, Stefan Mueller, said that the Singapore license is “an important milestone” for the firm to set up its asset management arm. He added: “This is complementary to our banking services in Switzerland and will also benefit our Swiss institutional and private qualified investor clients.”</p> <p>The news follows Sygnum’s August announcement when it<a href="https://www.theblockcrypto.com/linked/37605/in-first-swiss-regulator-issues-banking-license-to-two-blockchain-firms"> received</a> a banking and securities dealers’ license from Switzerland’s Financial Market Supervisory Authority (FINMA). At the time, Sygnum rival SEBA Crypto also received the license from FINMA. </p>