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Hong Kong-based crypto lender Babel Finance expands to Singapore

DeFi

forkast.news 16 September 2021 13:51, UTC
  
Reading time: ~2 m

Babel Finance, a Hong Kong-based crypto lender and asset manager, today announced it is opening a business headquarters in Singapore named Babel Asia, as the company looks to serve more clients globally.

Fast facts

  • Babel Asia plans to serve as a base for future merger and acquisition activities, together with Babel Finance to drive mainstream adoption of crypto finance, the company said in a statement.
  • Babel Asia is applying for relevant regulatory licensing in Singapore to stay compliant. “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, said in a statement. “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.”
  • The new entity in Singapore will act as an independent business unit for future development, while Babel Finance will continue its service offerings based in Hong Kong.
  • Babel Finance isn’t the only crypto company that has expanded to Singapore. Binance, a major cryptocurrency exchange, appeared to be expanding its Singapore presence.

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