Standard Chartered Expands Digital Asset Custody Services in Singapore

Standard Chartered is enhancing its digital asset custody services in Singapore by integrating the regulated business of Zodia Custody into its own platform. This move allows the bank to offer a unified framework for both cryptocurrency and traditional assets, ensuring client assets are kept segregated and protected under statutory regulations similar to those for conventional assets.

The bank's custody product is backed by over 160 years of institutional experience and currently manages approximately USD 2.2 trillion in total assets under custody. Standard Chartered plans to extend these services to other major financial centers, including the United Arab Emirates, Luxembourg, and Hong Kong, by mid-2026.

In a related development, Standard Chartered has partnered with Anchorage Digital Singapore, enabling institutional USD accounts and SWIFT transfer capabilities for digital assets. This partnership builds on existing functionalities available in the United States, marking Singapore as the latest location to benefit from this enhanced service.

The Monetary Authority of Singapore (MAS) regulates custodians in the country, enforcing stringent licensing requirements, asset segregation protocols, risk management practices, and cybersecurity measures. Licensed custodians must adhere to the Payment Services Act and the Securities and Futures Act, ensuring a robust regulatory environment for digital asset custody.

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Source: KLEA News