Babel Finance, a Hong Kong-based crypto lender and asset manager announced plans to open a business headquarters in Singapore named Babel Asia.
This expansion is because the company seeks to serve more clients globally.
It will allow Asia plans to serve as a base for future merger and acquisition activities. Additionally, This is towards mainstream adoption of crypto finance.
Also, Babel Asia will apply for a necessary regulatory licensing in Singapore to stay compliant.
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“Singapore’s dependable legal system, prestigious wealth management industry, and pioneering approach to crypto regulation makes it an excellent launchpad for a business headquarters,”
Flex Yang, CEO of Babel Finance explains
“In particular, regulators in Singapore are known for being tough on money laundering, so being fully compliant in this market will further the appeal of crypto assets among traditional investors.”
Meanwhile, The new body in Singapore will operate as a whole business unit for future development. While, Babel Finance will continue offerings its services in Hong Kong.
Notably, Babel Finance isn’t the only crypto company to expand to Singapore.
Binance, a major cryptocurrency exchange also is expanding its Singapore presence.
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