Standard Chartered to Offer Digital Asset Custody in Singapore

Standard Chartered plans to offer crypto custody services for institutional clients in Singapore, the British multinational has said. 

Institutional and corporate clients increasingly want secure, regulated, bank-grade custody for digital assets, the bank said Thursday. Standard Chartered already offers the service in the United ‌Arab Emirates, Luxembourg, and Hong Kong.

“Singapore is an important centre for financial innovation, with a strong institutional ecosystem and growing demand for trusted digital asset solutions,” Patrick Lee, CEO, Singapore and CEO, ASEAN & South Asia, Standard Chartered, said. 

“Robust infrastructure will be critical to supporting the secure movement, safekeeping, and servicing of tokenised assets at an institutional scale.”

Banks worldwide are integrating or offering bitcoin-related products and services. A number of U.S. and European banks have started offering crypto-related services by custodying assets for institutions.

Standard Chartered added the custody service would be for “selected cryptoassets, stablecoins and tokenized real-world assets.” 

Tokenization is a hot topic on Wall Street as a number of traditional finance firms do deals with crypto companies, mostly to bring stocks on the blockchain to allow for 24-7 trading. Other assets are also being considered or debuted.