Key highlights:
- Standard Chartered plans crypto custody services for institutions in Singapore
- The service will cover select crypto assets, stablecoins, and tokenized RWAs
- Singapore would join the bank’s existing custody markets in the UAE, Luxembourg, and Hong Kong
Major UK-based bank Standard Chartered is taking another critical step to further strengthen its presence in the crypto space. The bank is planning to offer custody services for select crypto assets, stablecoins, and tokenized real-world assets for institutional investors in Singapore.
Standard Chartered expands crypto custody footprint
Standard Chartered is expanding its crypto business in Singapore by potentially launching a custody service for institutional investors. With the new project, the bank intends to offer a regulated way for institutions to store and manage digital assets.
Notably, the move comes as the bank eyes addressing the growing demand for crypto-related financial services in Singapore. The services will be applicable to select digital assets, stablecoins, and tokenized RWAs. At the same time, these services will be subject to regulatory requirements. Commenting on the significance of Singapore, Standard Chartered’s Patrick Lee stated,
“Singapore is an important centre for financial innovation, with a strong institutional ecosystem and growing demand for trusted digital asset solutions. Robust infrastructure will be critical to supporting the secure movement, safekeeping, and servicing of tokenised assets at an institutional scale. This marks a significant milestone as we prepare to bring our digital asset custody capabilities to clients in Singapore. It also reinforces our commitment to supporting the development of a secure and well-regulated digital asset ecosystem in the market.”
Currently, Standard Chartered offers crypto custody operations in the UAE, Luxembourg, and Hong Kong. The service in Singapore, if launched, will be added to the existing crypto custody operations. Thus, the bank will get a broader presence across key financial markets.
Expanding crypto custody business
Interestingly, Standard Chartered’s crypto custody expansion comes as the bank continues to bring more of the operations under its own business. For example, in April, the bank reportedly revealed plans to integrate parts of Zodia Custody into its corporate banking division.
Standard Chartered also helped establish Zodia Custody with Northern Trust in 2020. Since 2023, Zodia Custody has also shown a great presence in Singapore. The company has been offering institutional crypto asset services in the country.
The latest is the biggest piece of evidence for Standard Chartered’s continuous efforts to build its crypto custody business beyond traditional digital assets. Through stablecoins and RWA tokenization support, the bank is providing a broader position for its crypto custody services.
Standard Chartered adds support for tokenized assets
As noted by Standard Chartered, the operational base for the new crypto custody services will be provided by its existing Financing & Securities Services business. This suggests that the new offerings will be connected to services that Standard Chartered already gives institutional clients.
Custody services and asset management will be facilitated via the new service. As a result, institutions will find it convenient to manage not only cryptocurrencies but also their conventional assets. The products include tokenized RWAs, which may comprise such assets as bonds, funds, or other financial instruments.
Source:: Standard Chartered Expands Crypto Push With Singapore Custody Plan