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Press release content from PR Newswire. The AP news staff was not involved in its creation.
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Press release content from PR Newswire. The AP news staff was not involved in its creation.

Babel Finance Opens Business Headquarters in Singapore, Appoints Shanshan Yu as CEO to Drive Expansion

September 16, 2021 GMT

SINGAPORE, Sept. 16, 2021 /PRNewswire/ -- Babel Finance, a leading global cryptocurrency financial services provider, today announced the opening of a business headquarters in Singapore named Babel Asia, with Shanshan Yu appointed Chief Executive Officer (CEO). Babel Asia will enhance the company’s role as a key crypto player globally, and advance the firm’s regulatory compliance efforts.

With its fast-growing crypto ecosystem, Singapore is drawing major industry players from Asia and beyond. Strategically positioned in Southeast Asia, the new office will serve traditional financial institutions and high-net-worth individuals around the world, acting as the bridge for mainstream investors to access professional crypto financial services.

“Singapore’s dependable legal system, prestigious wealth management industry, and pioneering approach to crypto regulation make it an excellent launchpad for a business headquarters. 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. Babel Asia, led by Yu, will strengthen our ability to serve global investors seeking to diversify their portfolios, by offering world-class services from Singapore,” said Flex Yang, CEO of Babel Finance.

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To advance Babel Finance’s compliance strategy, Babel Asia is planning to apply for relevant regulatory licenses in Singapore. The new office will also serve as a base for future merger and acquisition activities. Together, these efforts will boost Babel Finance’s mission to drive mainstream adoption of crypto finance.

Spearheading Babel Asia’s plans is Yu, an established figure in Singapore’s finance sector, where she had a successful run at Bank of Singapore (SGX: O39), Development Bank of Singapore (SGX: D05), and United Overseas Bank (SGX: U11). Her on-the-ground experience in banking has given her a thorough grounding in serving traditional investors first-hand. She also brings invaluable expertise in navigating the country’s regulatory environment and liaising with regulators. Prior to starting a career in banking, Yu co-founded a start-up in the field of interactive technology.

“The crypto ecosystem in Singapore is growing rapidly, thanks to its forward-thinking financial regulatory environment, and an increasing appetite for differentiated asset classes among the region’s qualified investors. Yu’s combination of banking experience, and entrepreneurial spirit prepare her well to explore the fast-changing fintech industry and open up more possibilities,” said Del Wang, co-founder of Babel Finance.

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“It’s a great time for Babel Asia to make its first moves, as traditional finance in Singapore begins to engage with the crypto space in earnest. Both investors and regulators here are open-minded and willing to explore new asset classes. I look forward to growing our team rapidly, especially bringing onboard seasoned professionals that will quickly advance our compliance plans,” said Yu, CEO of Babel Asia.

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SOURCE Babel Finance