AMINA Bank (formerly SEBA) is a Swiss-based bank that specializes in bridging digital and traditional assets. In 2019, it became one of the first two crypto startups to receive a Swiss banking license from FINMA.
Headquartered in Zug, the bank now has a global presence with offices in Hong Kong, Abu Dhabi, and Singapore. It serves a diverse clientele, including professional investors, corporations, family offices and institutional investors. In an interview with CVJ.CH, Markus Menzl, CCO of AMINA Bank, discusses the company's mission and its activities in the growing crypto market and the changing financial landscape.
CVJ.CH: In 2019, AMINA Bank became one of the first crypto startups to receive a banking license. What doors has this milestone opened?
Markus Menzl: First and foremost, the license gives us legal certainty and trust. The FINMA license created a bridge between the crypto market and the conventional banking sector, all under the umbrella of a regulated bank. This has opened up new opportunities for institutional and private investments in digital assets.
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Can you confirm the increasing professionalization of the sector in recent years?
The financial industry has made significant technological progress in recent years. Changing customer needs and expectations have led banks to expand their services, resulting in increasing professionalization. Clients are showing a growing interest in cryptocurrencies as an asset class and are looking for ways to trade and store them.
St. Galler Kantonalbank has launched its own crypto offering in collaboration with AMINA. Will other cantonal banks follow?
The collaboration with St. Galler Kantonalbank demonstrates the growing interest of traditional financial institutions in cryptocurrencies. We are in discussions with several banks that I cannot name specifically, but I can confirm that the interest is coming from both cantonal banks and other retail banks.
Doesn't the entry of existing house banks make the role of a specialized crypto bank obsolete?
The market is big enough for several players, and at the moment not all banks have the necessary technology and knowledge to provide a comprehensive crypto offering. We are still years away from cryptocurrencies being offered as part of mainstream banks, and until then, we at AMINA are providing solutions for these banks.
Recently, AMINA Bank received a license in Hong Kong. How do you assess the government's attitude towards digital assets there?
It is a positive sign and shows that Hong Kong is open to innovation in the financial sector and recognizes the importance and potential of digital assets. The licensing underlines the government's commitment to developing a regulated and secure environment for cryptocurrencies and blockchain technologies. This could serve as an incentive for further investment and innovation in this area.
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How does Switzerland's environment compare internationally?
Switzerland compares very well internationally and has established itself as a leading global hub in this field, thanks to its innovative and progressive approach to technologies such as blockchain and cryptocurrencies. This is also due to the fact that lawmakers have created a regulated framework.
What developments are you most excited about in the next five years?
I am particularly excited about the progressive integration of blockchain technologies into various economic sectors and the increasing acceptance and integration of cryptocurrencies into the traditional financial system, opening up new innovation and investment opportunities. I also welcome the development of clear regulatory frameworks that foster innovation, ensure consumer protection and build trust.
Markus is a seasoned banking professional with over 20 years of experience in senior positions with global Swiss banks. He has gained professional experience in various regions, including buy-side experience in a single family office. Markus joined AMINA Bank AG in January 2020 as Chief Commercial Officer for Europe and member of the Executive Committee.
