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Standard Chartered’s Singapore unit plans to offer institutional investors custody for selected crypto assets, stablecoins and tokenized real-world assets, subject to applicable regulatory requirements. The service would extend the bank’s existing crypto custody footprint in the UAE, Luxembourg and Hong Kong, and sit alongside its financing and securities services.
Why it matters
The planned offering would let Standard Chartered support institutional clients across more stages of digital-asset activity, from safekeeping to financing and securities services. The bank says the goal is to serve clients across wider asset lifecycles, as demand grows for institutional digital-asset infrastructure.
The move also follows Standard Chartered’s effort to bring more crypto custody operations in-house. Bloomberg reported in April that the bank was weighing folding parts of Zodia Custody, which it incubated with Northern Trust in 2020, into its corporate bank division. In May, the bank said its non-binding offer had been accepted.
Market impact
Singapore’s planned service builds on Zodia’s existing regional presence. The custodian began offering institutional crypto asset services in the city-state in September 2023 and later expanded into Hong Kong. In June, Zodia secured a payment institution license in Luxembourg, allowing it to provide regulated stablecoin custody and transfer services across the EU.
The expansion signals a broader institutional banking push into digital-asset custody, with service availability tied to applicable regulatory requirements. Standard Chartered’s Singapore CEO, Patrick Lee, said robust infrastructure would be critical to securely moving, safekeeping and servicing tokenized assets at institutional scale.
Frequently asked questions
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What assets would Standard Chartered’s planned Singapore custody service cover?
The bank plans custody for selected crypto assets, stablecoins and tokenized real-world assets for institutional investors, subject to applicable regulatory requirements.
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Which markets are already part of Standard Chartered’s crypto custody footprint?
The bank said the Singapore service would extend its existing custody footprint in the UAE, Luxembourg and Hong Kong.
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How would the planned service connect with Standard Chartered’s other offerings?
It would sit alongside the Singapore unit’s financing and securities services, supporting institutional clients across wider asset lifecycles.
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What is Standard Chartered’s relationship with Zodia Custody?
Standard Chartered incubated Zodia Custody with Northern Trust in 2020. The bank said in May that its non-binding offer for parts of Zodia had been accepted.
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What regulated services does Zodia offer in Luxembourg?
After securing a payment institution license in June, Zodia can provide regulated stablecoin custody and transfer services across the EU.
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