Standard Chartered signs MoU in Dubai for digital asset custody offering
“We see digital assets as an important part of the future of financial services and we are committed to investing in the infrastructure and talent necessary to be a leader in this space.”
Standard Chartered signed a memorandum of understanding (MoU) with Dubai International Financial Centre (DIFC) to collaborate on digital assets, including digital asset custody.
An early mover in developing services to provide custody of digital assets, including cryptocurrencies, the bank has plans to launch digital asset custody services, starting in DIFC, and to cater to institutional clients around the world.
Its new services will be powered by its subsidiary Zodia Custody, an institutional crypto asset servicing company based in London that offers services to clients across the globe – enabling institutions to invest safely and securely in crypto assets. The firm also has the backing from Northern Trust.
“UAE, an ideal first market for us to launch our digital asset custody proposition.”
Bill Winters, Group Chief Executive Officer of Standard Chartered, said: “We see digital assets as an important part of the future of financial services and we are committed to investing in the infrastructure and talent necessary to be a leader in this space. The UAE has a well-balanced approach to digital asset adoption and financial regulation, making it an ideal first market for us to launch our digital asset custody proposition.”
HE Essa Kazim, Governor, DIFC, said: “The Dubai FinTech sector has emerged as a key driver of innovation and economic growth much in line with the Government’s Dubai Economic Agenda (D33) to become a top 4 global financial hub. DIFC welcome collaboration with partners such as Standard Chartered to further accelerate growth, enable collaboration that triggers new innovation, as we continue to shape the future of finance together”.
Standard Chartered and the Dubai International Financial Centre will also collaborate on opportunities to promote a vibrant and thriving digital assets ecosystem that benefits Dubai and the wider UAE economy. The bank was the platinum sponsor of the premier Dubai FinTech Summit which took place earlier this week.
In 2006, Standard Chartered became the first bank within the DIFC to purchase its own premises. The bank runs all of its regional activities for Africa & the Middle East, as well as some of the global roles, from the UAE, including its Islamic Banking arm, Saadiq.
