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ZEC $1,204 Standard Chartered plans institutional crypto custody service in Singapore
The bank said the planned service covers selected cryptocurrencies, stablecoins and tokenized real-world assets for institutional clients.
Key takeaways
- No launch date. Standard Chartered has not confirmed a launch date or named the digital assets the Singapore service would support.
- Institutions only. The planned service targets institutional clients and corporate clients that qualify as accredited investors, with no retail offering mentioned.
- Existing custody markets. The bank already runs digital asset custody in the UAE, Luxembourg and Hong Kong, and in May announced plans to buy Zodia Custody's custody business.
What happened
Standard Chartered plans to offer digital asset custody in Singapore for institutional clients, the London-headquartered bank said in a press release. The bank said the planned service would cover selected cryptocurrencies, stablecoins and tokenized real-world assets.
The offering is aimed at institutional clients and corporate clients that qualify as accredited investors. The announcement did not mention a retail service, and the bank said the plan remains subject to applicable regulatory requirements.
The bank has not confirmed a launch date or said which digital assets the service would support. Asked which cryptocurrencies it would cover, Standard Chartered did not give Cointelegraph an immediate response.
Why it matters
The proposed service would operate alongside the bank's existing Financing & Securities Services business, which the bank said would provide the operational foundation for the offering. Standard Chartered already runs digital asset custody in the UAE, Luxembourg and Hong Kong.
Patrick Lee, CEO of Singapore and CEO of ASEAN & South Asia at Standard Chartered, said Singapore is an important centre for financial innovation with growing demand for trusted digital asset solutions. The bank said Singapore's role as a leading financial and innovation hub is an important part of its global strategy.
Background
In May, the bank said it would consolidate its custody operations by buying Zodia Custody's custody business and spin out Zodia Solutions after shareholders accepted its offer.
In the UAE, Standard Chartered's services cover institutional crypto trading and fiat payment infrastructure. It launched spot BTC and ETH trading last month, and a banking agreement with CoinMENA signed in June supports the exchange's fiat on- and off-ramps and client money accounts.
What is still unclear
- The bank has not given a launch date, and it has not said which digital assets the Singapore service would support.
- It is also unclear which tokenized instruments would qualify and whether the offering would go beyond custody to include settlement and transfer functions.
Questions readers ask
What is Standard Chartered planning in Singapore?
The bank plans digital asset custody services for institutional clients in Singapore, covering selected cryptocurrencies, stablecoins and tokenized real-world assets. The offering remains subject to applicable regulatory requirements.
Which cryptocurrencies will the custody service support?
Standard Chartered has not disclosed which digital assets would be supported under the Singapore offering. Cointelegraph asked which cryptocurrencies the service would cover and did not receive an immediate response.
Will retail clients be able to use the service?
No retail offering was mentioned in the announcement. The planned service is directed at institutional clients and corporate clients that qualify as accredited investors.
Where does Standard Chartered already offer crypto custody?
The bank already operates digital asset custody services in the UAE, Luxembourg and Hong Kong, and has backed institutional custodian Zodia Custody.
