Standard Chartered said it plans to launch digital asset custody services in Singapore for institutional clients and eligible corporate clients that qualify as accredited investors, subject to applicable regulatory requirements. The bank said the offering is expected to cover select cryptocurrencies, stablecoins and tokenized real-world assets. In its statement, the London-headquartered lender described Singapore as a leading financial and innovation hub and said the market is an important part of its global strategy. The planned rollout would add to the bank’s broader custody push. In May, Standard Chartered said it would consolidate custody operations through the acquisition of Zodia Custody’s custody business and the spinout of Zodia Solutions after shareholders accepted its offer. The bank has also been expanding digital asset services in the United Arab Emirates, where it already supports institutional crypto trading and fiat payment infrastructure. Last month, it launched spot BTC and ETH trading, and its June banking agreement with CoinMENA supports fiat on- and off-ramps, client money accounts and virtual account-based transaction management.
Standard Chartered said it plans to launch digital asset custody services in Singapore for institutional clients.
According to a Thursday press release, the planned offering will serve institutional clients as well as corporate clients that qualify as accredited investors. The service is expected to cover select cryptocurrencies, stablecoins and tokenized real-world assets, subject to applicable regulatory requirements.
Singapore named a key market in the bank’s global strategy
The London-headquartered multinational bank said Singapore’s position as a leading financial and innovation hub makes it an important part of its global strategy. The planned service would expand Standard Chartered’s custody offering.
Custody expansion follows earlier restructuring plans
In May, the bank said it planned to consolidate its custody operations by acquiring Zodia Custody’s custody business and spinning out Zodia Solutions after shareholders accepted its offer.
UAE business already spans trading and fiat rails
In the United Arab Emirates, Standard Chartered’s digital asset services already cover institutional crypto trading and fiat payment infrastructure. The bank launched spot Bitcoin (BTC) and Ether (ETH) trading last month.
Its banking agreement with CoinMENA, signed in June, supports the exchange’s fiat on- and off-ramps, client money accounts and virtual account-based transaction management.
Cointelegraph asked Standard Chartered which cryptocurrencies the custody service will support, but the bank did not immediately respond.
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