Zug-based Seba elected Sanjeev Karkhanis to its board, effective immediately, according to a statement on LinkedIn. Until mid-2020, Karkhanis was a group managing director at UBS' wealth management arm, where his most recent role was senior global advisor for Asian ultra-wealthy clients.

His appointment comes shortly after Seba successfully tapped 20 million Swiss francs ($23 million) from investors including Julius Baer last month. It wants to expand in the Middle East, Europe, and Asia as well as push into lending as well as tokenization – both balance sheet-intensive activities.

Risk Veteran

Karkhanis, who founded wealth consulting firm Wir Advisory after leaving UBS last year, rounds out Seba's board as its eighth director. He is a veteran risk and credit manager who spent 28 years at the Swiss gaint in all, including nearly six as head of credit and risk in UBS' flagship wealth management arm.

Seba wants to tokenize the shares from this fundraising after a new blockchain law in Switzerland comes into effect in February. It is led by former UBS and Credit Suisse banker Paivi Rekonen, who took over after ex-Chairman Andreas Amschwand threw in the towel in July over a strategy dispute.