Capital markets News

Standard Chartered to launch digital asset custody in Dubai

Standard Chartered Bank

Today Standard Chartered announced plans to launch digital asset custody services in the Dubai International Financial Centre (DIFC) subject to regulatory approval. The solution will target institutional clients around the world and will be powered by its subsidiary Zodia Custody.

A memorandum of understanding was signed with the DIFC. “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,” said Standard Chartered CEO Bill Winters at the signing ceremony. “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.”

The UAE is already the headquarters for Standard Chartered in the Middle East and Africa.

Zodia Custody was originally a joint venture with Northern Trust, which held a 5% stake. Its first regulatory approval was granted by the UK’s FCA in 2021. Since then, it received clearances from the Central Bank of Ireland and Luxembourg’s CSSF.

Two weeks ago, it announced a $36 million funding with SBI Holdings leading the round and Standard Chartered remaining the majority shareholder. At the time of the announcement, SBI mentioned Zodia would be looking at South Asia, the Middle East and Africa.

Image Copyright: Standard Chartered Bank