Standard Chartered to Safeguard Digital Assets for Singapore’s Institutional Investors

Key Highlights

• Standard Chartered is preparing to launch custody solutions for selected digital currencies, stablecoins and tokenized assets in Singapore.
• Eligibility for the service extends to institutional investors and corporate clients meeting accredited investor criteria, pending regulatory approval.
• The Singapore launch expands the bank’s digital asset footprint beyond its current operations in UAE, Luxembourg and Hong Kong.
• The banking institution announced its acquisition of Zodia Custody’s custody operations in May, while creating a separate Zodia Solutions entity.
• Specific cryptocurrency support details for the Singapore platform remain unannounced.

Standard Chartered revealed on Thursday its intention to introduce digital asset custody capabilities in Singapore. Qualified institutional investors and corporate entities with accredited investor status will have access to the service.

Standard Chartered Bank (Singapore) Limited, the institution’s regional subsidiary, will provide safekeeping for selected digital currencies, stablecoins and tokenized real-world assets. Implementation depends on meeting relevant regulatory standards.

The London-based financial institution cited increasing appetite from institutional and corporate sectors. These organizations are seeking dependable, compliant and banking-grade protection for their digital holdings.

Singapore Service Features and Integration

Custody services involve securely storing and protecting client assets. Standard Chartered indicated the forthcoming Singapore platform will integrate with its Financing & Securities Services division operating in the city-state.

The institution aims to merge conventional asset servicing with tokenization capabilities and digital asset protection. This integrated approach will enable clients to transition from traditional asset ownership through tokenization to secure digital asset storage.

Patrick Lee, who serves as CEO for Singapore and the ASEAN and South Asia regions at Standard Chartered, described Singapore as a vital hub for financial technology advancement. He emphasized the nation’s robust institutional framework and increasing appetite for reliable digital asset infrastructure.

“Strong infrastructure will be essential for enabling the safe transfer, storage, and management of tokenised assets on an institutional level,” Lee stated. He noted that this initiative demonstrates the bank’s dedication to fostering a secure and properly regulated digital asset marketplace.

Expansion of Global Digital Asset Strategy

Singapore represents the newest addition to the bank’s growing digital asset network. Standard Chartered currently maintains digital asset operations across the United Arab Emirates, Luxembourg and Hong Kong.

The institution highlighted Singapore’s status as a “premier financial and innovation center” that aligns with its worldwide expansion objectives.

During May, Standard Chartered unveiled plans to streamline its custody infrastructure. The bank moved forward with acquiring Zodia Custody’s custody division while establishing Zodia Solutions as an independent entity following shareholder approval.

Within the UAE, the institution provides institutional cryptocurrency trading alongside fiat currency payment solutions. The previous month saw the launch of spot Bitcoin and Ether trading services in that jurisdiction.

Last June, the bank formalized a banking partnership with cryptocurrency platform CoinMENA. This collaboration facilitates the exchange’s fiat currency entry and exit points, client fund accounts and virtual account-based transaction processing.

Ole Matthiessen, who heads Transaction Services and Digital Assets globally at Standard Chartered, characterized secure and regulated custody as a “fundamental pillar” of the digital asset infrastructure.

He emphasized that as a globally systemically important financial institution, Standard Chartered delivers the credibility and protective measures required to encourage broader market engagement. He confirmed the bank’s ongoing commitment to expanding digital asset capabilities throughout major financial centers in response to rising client needs.

The institution has yet to specify a launch timeline for the Singapore platform. Details regarding which specific cryptocurrencies will receive support also remain undisclosed.

Cointelegraph reached out to Standard Chartered requesting information about supported cryptocurrencies but had not received a response at the time of publication.