back Back

Standard Chartered and DIFC to launch Digital Asset Custody Services

By Leandra Monteiro

May 11, 2023

  • Bitcoin
  • DIFC
  • Digital Asset

Standard Chartered, DIFCStandard Chartered signed a memorandum of understanding (MoU) with Dubai International Financial Centre (DIFC) to collaborate on digital assets, including digital asset custody.

Subject to regulatory approval, Standard Chartered plans to launch digital asset custody services, starting in DIFC and to cater to institutional clients around the world. Standard Chartered is an early mover in developing services to provide custody of digital assets, including cryptocurrencies.

Drawing on its own international expertise in traditional custody, its new services will be powered by its subsidiary Zodia Custody, which has operational and technical capabilities suited to the needs of institutional clients.

During the signing ceremony, Bill Winters, Group Chief Executive Officer of Standard Chartered said, “We see digital assets as an important part of the future of financial services and we are committed to investing in the infrastructure and talent necessary to be a leader in this space. The UAE has a well-balanced approach to digital asset adoption and financial regulation, making it an ideal first market for us to launch our digital asset custody proposition.”

The Bank and DIFC will also collaborate on opportunities to promote a vibrant and thriving digital assets ecosystem that benefits Dubai and the wider UAE economy.

HE Essa Kazim, Governor, DIFC, said, “The Dubai FinTech sector has emerged as a key driver of innovation and economic growth much in line with the Government’s Dubai Economic Agenda (D33) to become a top 4 global financial hub. DIFC welcome collaboration with partners such as Standard Chartered to further accelerate growth, enable collaboration that triggers new innovation, as we continue to shape the future of finance together”.

In 2006, Standard Chartered became the first bank within the DIFC to purchase its own premises. This partnership is a natural outcome of the bank’s long-term commitment to the United Arab Emirates and to the wider region. The Bank runs all of its regional activities for Africa & the Middle East, as well as some of the global roles, from the UAE.

Previous Article

May 11, 2023

Rapid Finance unite with Mambu to offer Lending-as-a-Service

Read More
Next Article

May 11, 2023

Temenos collaborates with R3 on CBDC integration

Read More

IBSi Daily News Analysis

Generative AI

April 12, 2024


Security experts sound the alarm on Deepfake threats in the age of AI

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 03, 2024

Bybit Card integrates with Google Pay for user convenience in Europe

Read More

April 02, 2024

WSPN and MathWallet launch StableWallet, an AA wallet for Web3

Read More

April 01, 2024

Alchemy Pay invests in UK’s LaPay for global Web3 Expansion

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023