Overview
- Standard Chartered announced on Thursday that it is offering regulated digital-asset custody in Singapore for institutional and accredited corporate clients, using the Zodia Custody platform to hold selected crypto, stablecoins, and tokenized assets.
- The bank says client assets will be kept segregated and covered by the same statutory protections that apply to traditional custody under Monetary Authority of Singapore rules for licensing, risk controls, asset separation, and cybersecurity.
- Zodia Custody, which began operating in Singapore in September 2023, will be folded into Standard Chartered’s Financing and Securities Services unit and brings technical support and coverage for more than 75 crypto and tokenized assets.
- Standard Chartered has struck a deal with Anchorage Digital Singapore to provide institutional USD accounts and SWIFT transfer capability for its Singapore custody service, extending fiat rails for clients moving funds on and off platform.
- The bank has signalled plans to roll the service out from other hubs such as the UAE, Luxembourg and Hong Kong, a move that could increase institutional access to crypto custody and affect market liquidity and pricing for some digital assets.