Babel Finance announced it has appointed Yang Song as head of treasury, a newly created position as the company continues to expand the scale of its services among more diverse client groups. With Asia’s biggest crypto loan book, Babel Finance has created a treasury unit to boost its risk management and to ensure sufficient liquidity for its lending business. Yang joins Babel Finance after 12 years at the leading German bank Commerzbank, where he was Vice President of Treasury.
Yang Song’s tenure at Commerzbank stands him in good stead to support Babel Finance’s expanding crypto lending business. He spent four years at Commerzbank’s Singapore branch managing SGD, three years in Commerzbank’s Frankfurt HQ managing EUR – the biggest risk and exposure for the bank – and most recently five years at the bank’s Hong Kong branch building up its CNH (offshore RMB) and HKD business.
Along with his expanding team of new recruits, Yang Song will be structuring Babel Finance’s internal treasury systems and processes. These efforts set the groundwork for optimizing cash flows and funding costs, ensuring sufficient liquidity across the firm’s expanding lending and trading activities, mitigating risk across various cryptocurrencies and regions, and innovating the firm’s product and client services mix.
“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,” said Del Wang, Co-Founder of Babel Finance. “We’re seeing our clients’ interests expand toward more cryptocurrencies, including altcoins. Solid management is key to servicing such highly sophisticated clients. This hiring is a proactive step in strengthening our risk management, supporting the ongoing expansion of our client services.”
At the end of 2021, Babel Finance had a US$3 billion equivalent outstanding loan balance. The firm’s lending and trading volume is currently focused on BTC, ETH, USDC, and USDT, a basket that is comparable to the G3 currencies in fiat treasury terms. But at the beginning of 2022, demand for altcoins among institutions and HNWIs has been ramping up significantly, and Babel Finance is expanding its services to meet these needs.
“As an emerging asset class, crypto assets have the potential to absorb excess fiat liquidity in the same or an even better way that real estate, commodities, and other financial derivatives did previously,” said Yang Song, head of treasury at Babel Finance. “Better integrating crypto finance into the wider financial ecosystem could thus be the best way to offset the high levels of inflation we see emerging globally. I’m excited to be joining Babel, which is at the forefront of this developing trend.”
About Babel Finance
Babel Finance is a global leading crypto financial services provider, offering institutional and HNWI investors professional services covering crypto lending and crypto trading. The company is backed by prominent investors including Sequoia Capital China, Tiger Global Management, BAI Capital, Zoo Capital, Dragonfly Capital, and NGC Ventures. With a business focus in Asia and a business headquarters in Singapore, Babel Finance has established close cooperative relationships with major global exchanges, custodians, investment funds, and mining institutions.