Hassan Maishera
TL;DR
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Standard Chartered’s Singapore unit plans to launch institutional digital asset custody by year-end.
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The service would cover selected cryptocurrencies, stablecoins, and tokenized real-world assets.
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The rollout remains subject to applicable regulatory requirements.
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Singapore would extend the bank’s custody footprint across the UAE, Luxembourg and Hong Kong.
Standard Chartered plans to introduce digital asset custody for institutional clients in Singapore by the end of the year, expanding its crypto-related services in a key Asian financial hub.
The bank announced on Thursday that the proposed offering would support selected cryptocurrencies, stablecoins and tokenized real-world assets, subject to applicable regulatory requirements.
Singapore Custody Launch Planned by Year-End
Ying Ying Tan, Standard Chartered’s global head for digital assets, revealed that the bank aims to launch the custody service before the end of the year.
The offering would complement the Singapore unit’s existing financing and securities services, allowing the bank to support institutional clients across more stages of an asset’s lifecycle.
Standard Chartered did not identify the specific cryptocurrencies or tokenized assets that would be supported at launch.
The planned service would extend its existing crypto custody presence in the UAE, Luxembourg and Hong Kong.
Patrick Lee, Standard Chartered’s CEO for Singapore, ASEAN and South Asia, described Singapore as an important financial innovation centre with a strong institutional ecosystem and increasing demand for trusted digital asset services.
He said robust infrastructure would be essential for the secure movement, safekeeping and servicing of tokenized assets at institutional scale.
The proposed launch would place digital asset custody alongside the bank’s broader financial services, giving institutional clients access to additional infrastructure for holding and managing blockchain-based assets.
Expansion Follows Zodia Integration Plans
The announcement comes as Standard Chartered moves to bring more crypto custody operations into its banking business.
Bloomberg reported in April that the bank was considering folding parts of Zodia Custody into its corporate bank division. Standard Chartered incubated the institutional custodian with Northern Trust in 2020.
In May, the bank said its non-binding offer had been accepted. That development advanced the proposed integration, although acceptance of a non-binding offer does not establish that the transaction has been completed.
Last month, Standard Chartered launched institutional Bitcoin and Ether spot trading in the UAE through its DIFC branch, with custody and settlement options.
Zodia Has an Established Singapore Presence
Zodia began offering institutional crypto asset services in Singapore in September 2023 and subsequently expanded into Hong Kong.
In June, it secured a payment institution licence in Luxembourg, enabling regulated stablecoin custody and transfer services across the European Union.
Standard Chartered’s proposed Singapore offering would build on its wider digital asset custody expansion. Its year-end target remains dependent on meeting the applicable regulatory requirements.
