Sielva Management SA

#Blockchain and #DLT represent a structural opportunity to make the financial system faster and cheaper, therewith also more efficient and at the same time also foster inclusion. TradFi and onchain might soon be combined.

After attending the exclusive CfC St. Moritz we headed to World Economic Forum: meeting new and old friends. #Web3 Hub hosted legal & regulatory panels as well as industry presentations. Global Blockchain Business Council (GBBC) shared insights from around the world on e.g. tokenisation and standards. Davos Innovation Week by Swiss FinTech Association (SFTA) shared Startup innovation awards. Besides #Blockchain, this year #AI was a major topic, and #quantum is gaining traction. AI House Davos was overrun as were many sessions at other venues. Technology brought together people for meaningful business and ethics discussion, with regional and functional perspectives. Silvan & Markus attended interesting sessions all across Davos discussing next tech evolutions, Swiss blockchain setup and crypto on-/offramp/exchange as well as partnerships. Thank you all for having made it special. We are looking forward to next year.

Congratulations Silvan for significantly contributing to the discussion of the implications of DLT in trade with this paper.

We spend a lot of time with founders who live in what Sygnum Bank co-founder & CEO Mathias Imbach so perfectly described as the “rhythm of entrepreneurship” – that constant oscillation between euphoria and terror. His speech was a powerful reminder that building something meaningful means embracing that volatility, not running from it. A few takeaways that resonated with us: - Perspective matters: Even if a company fails, you still have your health, your family, your integrity and your skills. That mindset creates clarity in real crisis situations. - The “sunshine test”: Act as if every decision could appear on the front page of the Financial Times tomorrow and your loved ones would read it. If you’d still be proud, you’re on the right track. - Zero-asshole policy: Work only with loyal, high-integrity people – and protect that culture rigorously. - Use volatility as a leadership tool: Being transparent about ups and downs can focus teams, create momentum and foster real resilience. At Sielva, we stand next to entrepreneurs who are building the next generation of financial and digital infrastructure – helping them navigate governance, regulation and risk while they push the boundaries. Euphoria and terror may be the price of entrepreneurship – but with the right people, values and structures around you, that price becomes an investment in something truly transformative. Sielva Management SA, Silvan Andermatt, Markus Spillmann

Stablecoins are not a side show anymore – they’re quietly rewiring the plumbing of global finance. After an intense panel on stablecoins, regulation and the future of money, a few themes really stuck with us: 1️⃣ From 1% to 5–10% of global flows Today, stablecoins account for roughly ~1% of global payment flows – but panelists see a path to 5–10% in just a few years. That shift won’t just be about “paying in USDC”; it will mean fee compression, new liquidity models and pressure on legacy cross-border rails. 2️⃣ Regulation as geopolitics The new US framework is more than a “stablecoin act” – it’s a digital dollar strategy. If USD stablecoins become the default internet money, other countries face a real question: Do we import a digital dollar standard, or build our own (CBDCs, tokenized deposits, local stablecoins) to defend economic sovereignty? 3️⃣ The future is blended – wallets and banks Young, wallet-native users in emerging markets may never see a branch from the inside. At the same time, large corporates will still rely on treasury systems, banks and institutional-grade custody. The winners will be those who make it seamless to move between bank accounts, wallets, tokenized funds and on-chain liquidity – not those who bet on “CeFi vs DeFi”. 4️⃣ Unbundling… and re-bundling We’re already seeing: • E-commerce platforms exploring own stablecoins to pay millions of merchants faster and cheaper • Tokenized money market funds and repo as new liquidity tools • Early moves toward “internet capital markets” and on-chain IPO-style issuance 5️⃣ Next frontier: Unified digital transactions The most exciting vision goes beyond stablecoins themselves: 👉 Blockchain (value) + AI (intelligence) + digital identity (trust) Integrated into one programmable transaction object where identity, payment and data travel together – online and at point of sale. That’s a very different world for compliance, risk and governance. ⸻ At Sielva, we sit exactly at this intersection: 📍 Switzerland’s Crypto Valley & strong regulatory environment 🧭 Board mandates, governance & risk management for digital asset, fintech and Web3 structures 🤝 Helping issuers, foundations and platforms design robust, regulator-ready models for stablecoins, tokenization and on-chain treasury. If you’re building in this space and want to stress-test your governance, risk and regulatory strategy for the next 5–10 years of stablecoin and tokenized finance, we’re happy to talk. DM Silvan Andermatt and reach out to the team at Sielva Management SA

Founders, fintechs, and digital-asset teams keep asking us one thing: “Why are so many global projects choosing #Switzerland as their home?” Our answer from the floor at Singapore FinTech Festival : • Regulatory clarity that scales – predictable frameworks (FINMA / Swiss DLT Act) for tokens, foundations, and fintech models. • Banking that works – multi-currency accounts, institutional-grade controls, and partners who understand digital assets. • Governance you can trust – independent directors, risk & compliance programs, and board-as-a-service built for growth. • Speed without shortcuts – lean Swiss company/foundation setup, ongoing compliance, and clear SLAs. Sielva Management helps founders incorporate, govern, and grow from Switzerland (Zug, Zürich, Lugano) with a one-team approach across legal coordination, board services, and compliance operations. If you’re at Singapore FinTech Festival, let’s connect for a 20-minute “Swiss Setup Clinic.” DM Silvan Andermatt or comment “SWISS” and the team of Sielva Management SA will reach out.

Advancing cross-border #DLT infrastructure • From pilots to production: FMIs must be at the table. Co-locating money and assets (or making the bridge as safe as the core) enables true atomic settlement and reduces reconciliation risk. • Public safety by design: Client asset segregation, auditable trails, sanctions/AML screening (including fee routes), tested incident runbooks, and clear exit/rollback plans. • Governance > tech: Who operates nodes? Who upgrades code? How is ordering/MEV handled? Publish an accountable upgrade charter and portability path to avoid lock-in. • Privacy with compliance: Keep sensitive data off-chain; use selective disclosure/attestation where needed; provide regulator view-paths without compromising counterparties. • Cost predictability: Smooth gas exposure via abstraction/sponsorship, batching windows, and stable-denominated operations to meet budgeting and SLA needs. • Standards & talent: Interoperability needs shared taxonomies and market standards (technical, regulatory, and business). The talent gap is real—training and upskilling are critical. #sielva

“Faster, cheaper, smarter: Redefining cross-border payments in the digital age” (Powered by Swift) at the Insights Forum. Packed session with pragmatic signals for anyone moving money across borders. SWIFT will add a Digital layer (DLT) in order to facilitate alre important role in DeFi. Nexus update: • The Nexus legal entity has been incorporated in Singapore as Nexus Global Payments (NGP) by the first-mover central banks (India, Malaysia, Philippines, Singapore, Thailand) to operationalise the scheme. • Over the next two years, NGP plans to deepen partnerships with central banks and industry players • The roadmap signals an intention to move into production by 2027, which puts the first live Nexus transactions within the next ~24 months. Panel: Anupam Pahuja (Nium) • David Koh (SMBC) • Kevin Tay (Swift) Moderator: Avanee Gokhale (SWIFT) #sielva

Thrilled to see Project Guardian by Monetary Authority of Singapore (MAS) maturing from proofs-of-concept to commercialization pathways for tokenised funds, fixed income and FX—groundwork led by MAS with global industry partners. The latest workstreams (incl. tokenised bank liabilities and interoperable networks) show how regulated “trust anchors” and common frameworks can bring institutional scale to tokenization. #sielva