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BTC 
ETH Overview of Standard Chartered Bank's digital asset custody services in Singapore
Standard Chartered Bank announced plans to launch digital asset custody services in Singapore. The service will be open to institutional customers and business owners who qualify as qualified investors and will need to meet relevant regulatory requirements. The move aims to respond to the growing needs of institutional and corporate customers and provide digital asset custody solutions that are secure, compliant and meet bank-level standards.
Service content and strategic significance
Standard Chartered Bank (Singapore) Limited will provide custody services for specific cryptocurrencies, stablecoins and tokenized real-world assets to the above customers. This move marks the bank's combination of traditional asset services, tokenization technology and digital asset custody capabilities, aiming to support customers 'full-process needs in transitioning from holding traditional assets to tokenization and safeguarding digital assets.
Patrick Lee, CEO of Standard Chartered Bank for Southeast Asia and South Asia, said that Singapore is an important center for financial innovation, with a strong institutional ecosystem and growing demand for trusted digital asset solutions. He emphasized that sound infrastructure is crucial to supporting the safe flow, custody and service of tokenized assets on an institutional scale. The plan further demonstrates Standard Chartered Bank's commitment to building a safe and regulated digital asset market.
Part of the global digital asset landscape
Singapore is Standard Chartered Bank's latest market for digital asset expansion. At present, the bank has launched digital asset business in United Arab Emirates, Luxembourg and Hong Kong. Standard Chartered Bank pointed out that Singapore, as a "leading financial and innovation hub," occupies an important position in its global strategy.
Previously, Standard Chartered Bank announced in May that it would integrate its custody business, acquire Zodia Custody's custody business and spin off Zodia Solutions. The transaction has been approved by shareholders. In United Arab Emirates, Standard Chartered Bank not only provides institutional-level cryptocurrency trading and fiat payment services, but also launched spot bitcoin and Ethereum trading last month. In June of the same year, the bank signed a banking agreement with crypto exchange CoinMENA to support its fiat currency deposit and withdrawal channels, customer fund accounts and transaction management based on virtual accounts.
Ole Matthiessen, global head of transaction services and digital assets at Standard Chartered Bank, pointed out that secure and regulated custody services are a "key cornerstone" of the digital asset ecosystem. As a global systemically important bank, Standard Chartered provides the necessary trust and security safeguards for broader market participation. He said that as customer demand grows, the bank will continue to increase investment in digital asset services in major financial centers.
Currently, Standard Chartered Bank has not announced the specific launch date of its Singapore service, nor has it clarified which specific cryptocurrency varieties the service will support.
