Crypto Finance abandons its Singapore office

[ad_1]

Swiss fintech Crypto Finance is taking stakes in Singapore, finews.asia has learned. This marks the end of a multi-year initiative by the company, owned by Deutsche Boerse.

Crypto Finance is closing its Singapore office on Robinson Road. The startup confirmed finews.asia’s research. Three people are affected by the measure, including a Swiss employee.

This decision puts an end to a four-year development phase in the Asian financial centre; according to reports, the Zurich-based fintech has been waiting for more than a year for a payment services license from Singaporean regulator MAS so that it can serve other financial service providers. Now, apparently, the thread of patience has broken.

Hoping for licenses in Germany

With its withdrawal from Singapore, the fintech, which is owned by Deutsche Boerse, will focus on its remaining key markets. Jobs will continue to be created at Crypto Finance after the company increased its workforce from 50 to over 120 in a year and a half.

Abroad, the company is now pushing its activities in Germany, where it can count on the support of its parent company. Before the end of this year, Crypto Finance hopes to be able to obtain several licenses from the German Federal Financial Supervisory Authority (BaFin).

[ad_2]