Babel Finance announced the appointment of Yang Song as Head of Treasury as the firm expands its crypto lending business. Furthermore, it is a newly created position to service a diverse group of clients.
Babel Finance’s New Head of Treasury
Meanwhile, Song joined Babel Finance after spending 12 years at the leading German bank Commerzbank as the Vice President of the Treasury. He spent four years managing SGD at Commerzbank's Singapore branch and three years managing EUR at Commerzbank's Frankfurt HQ. Also, Song spent the last five years building its CNH (offshore RMB) and HKD business in the Hong Kong branch.
Thus, his tenure at Commerzbank makes him a good candidate for supporting Babel Finance's expanding crypto lending business. Along with his growing team of new recruits, Yang Song will structure the firm's internal treasury system and processes.
Babel Finance's new efforts are setting the groundwork for optimizing cash flow and funding costs. Moreover, it ensures sufficient liquidity across the firm's increasing trading and lending activities. In addition, it mitigates risk across various cryptocurrencies, innovating Babel Finance's product and client service mix.
By the end of 2021, Babel Finance had a $3 billion equivalent outstanding loan balance. Currently, the firm's lending and trading volume focus on BTC, ETH, USDC, and USDT. However, at the beginning of 2022, the demand for altcoins ramped up significantly among institutions and HNWIs. Therefore, Babel Finance is now expanding to meet those demands.
According to Babel Finance co-founder Del Wang, clients' interests are expanding "toward more cryptocurrencies, including altcoins." Wang believes that solid management is the key to servicing such sophisticated clients. "We're delighted to welcome Yang Song to the Babel team to play a vital role in leading the development of more sophisticated practices within crypto lending services and products," he added.
About Babel Finance
Babel Finance is a leading global crypto financial services provider. It offers both HNWI and institutional investors professional services covering crypto lending and trading. Furthermore, Babel Finance is backed by prominent investors, including Tiger Global Management, Dragonfly Capital, BAI Capital, Zoo Capital, and NGC Ventures. With a business focus in Asia and headquarters in Singapore, the firm has established close cooperative relationships with major global exchanges, investment funds, custodians, and mining institutions.