Solowin (NASDAQ: SWIN), a Hong Kong-based financial services firm that is in the digital asset sector, says it will gain a US banking license via the acquisition of an unnamed chartered bank.
Solowin says that it is in “advanced stages” of the acquisition, adding that garnering a bank license will “mark a pivotal milestone’ as part of its growth strategy.
Peter Lok, Chairman and CEO of Solowin, stated in a release:
“The potential acquisition of a U.S.-licensed banking institution would be a game-changer for Solowin. It represents the next logical step in our global compliance puzzle. This clean-charter opportunity would provide us with the ultimate strategic flexibility to innovate, scale our fiat-based services, and deliver unparalleled value to our clients worldwide. We are not just acquiring a bank; we are laying a foundational pillar for the future of digital finance.”
Acquiring a bank is expected to boost its core operations that include tokenization and issueing real world assets (RWAs). It will also provide a regulated platform for custody and wealth management as well as a payment infrastructure.
Solowin is a micro-cap that currently holds a market valuation of $240 million.
