Amy Yu, the CEO of SEBA Bank's APAC division, discusses the crypto bank based in Switzerland winning approval-in-principle (AIP) from Hong Kong's regulators for its regional subsidiary.
Before we have our licenses in Hong Kong and especially before we have banking license in Hong Kong. Um we don't actively market right on a cross-border basis from our Swiss entity, but we do service clients on a reverse inquiry. And what I can say is um the reverse inquiries in api mean globally really um right, but particularly in a a uh the the increase in our inbound pipeline um was explosive. Uh you know, for through the first half of the year um continued and I wouldn't say we're trying to move in there to take market share from the local banks in Hong Kong considering that's not what the Hong Kong license is for. Um But you know what we see is, is uh from our headquarters. Uh We do have a lot of this experience, right? We have been servicing crypto native clients for over four years from Switzerland. Um And we can understand where, you know, some of the the the difficulties are for these banks. Um So all I can say is we, we aren't actively and they're trying to take market share from, from local banks at all because uh we would only, we would only be able to do that under a regulated structure.