Major Swiss cryptocurrency-enabled bank SEBA is changing its name amid growing ambitions to expand its trading services around the world.
Seba Bank AG has been renamed Amina Bank AG, the company announced to Cointelegraph on November 30. “We chose to change our name from SEBA Bank because of the similarity with SEB Bank in Sweden. SEB Bank and SEBA Bank agreed to change the name in 2023,” Amena CEO Franz Burgmueller told Cointelegraph.
The new name, Amina, derives from the word “transamination,” meaning the transfer of one compound to another, the company said, referring to its mission to bring together different elements of traditional, digital and crypto banking.
While the new naming is based on the idea of combining different types of banking, Amina’s previous name, SEBA, is reportedly based on the name of its founder, Sébastien Merillat. “I’m passionate about technology and seeing how it will work,” Merillat said. Said In an interview in 2019.
Seba’s rebranding as Amina comes amid the crypto bank actively expanding its products around the world. In early November 2023, SEBA received the license From the Hong Kong Securities and Futures Commission, which allowed the firm to provide crypto trading services in the country. In 2022, SEBA also received financial services permission from Abu Dhabi Global Market Opened an office in Abu Dhabi,
“As we look forward to 2024, our ambition is to accelerate the development of our strategic hubs in Switzerland, Hong Kong and Abu Dhabi and continue our global expansion,” said Amina CEO.
“Currently, we remain focused on three regions: Switzerland, Abu Dhabi and APAC, which includes Hong Kong and Singapore.”
In addition to its regulated centers in Zug, Hong Kong and Abu Dhabi, Amena operates globally, providing traditional and crypto banking services to its clients. The company said existing customers of Amina Bank – formerly Seba Bank – will be unaffected by the rebrand, as all operations across the board will run as normal.
Launched in 2018, Amina is a major player in the cryptocurrency ecosystem, enabling many financial institutions to operate crypto-related services. In November 2023, Switzerland’s St. Galler Kantonalbank, one of the country’s largest banks, Partnered with then branded SEBA To provide digital asset custody and brokerage services to its clients.