Standard Chartered Plans Singapore Crypto Custody Service for Institutional Investors

Standard Chartered plans to expand its institutional cryptocurrency custody business into Singapore, adding digital asset safekeeping to its existing banking services. The proposed offering will cover selected cryptocurrencies, stablecoins, and tokenized real-world assets, subject to applicable regulatory requirements.

According to the bank’s Thursday announcement, its Singapore unit will provide custody services designed for institutional investors managing different digital assets. The expansion will also connect digital asset custody with the bank’s existing financing and securities services in Singapore.

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Standard Chartered Expands Institutional Crypto Custody Across Major Financial Markets

Singapore will join Standard Chartered’s existing digital asset custody operations in the United Arab Emirates, Luxembourg, and Hong Kong. Through this expansion, the bank plans to serve institutional clients across more stages of their asset management activities.

Patrick Lee, Standard Chartered’s CEO for Singapore, ASEAN, and South Asia, identified Singapore as an important financial innovation centre. Lee highlighted the country’s established institutional ecosystem and growing demand for trusted digital asset services.

Additionally, Lee emphasized the importance of infrastructure supporting secure asset transfers, custody arrangements, and servicing for tokenized financial instruments. These capabilities form part of the bank’s plans to support institutional digital asset activities across different markets.

The proposed Singapore offering will cover three asset categories, including cryptocurrencies, stablecoins, and tokenized representations of real-world financial assets. Standard Chartered has not specified which individual assets the Singapore unit will support under the planned service.

Zodia Custody Integration Forms Part of Standard Chartered’s Broader Digital Asset Strategy

Standard Chartered’s Singapore expansion follows developments involving Zodia Custody, the institutional cryptocurrency custodian established with Northern Trust in 2020. In April, Bloomberg reported that the bank was considering integrating parts of Zodia Custody into its corporate banking division.

Subsequently, Standard Chartered confirmed in May that its non-binding offer to absorb Zodia’s cryptocurrency custody business had received acceptance. The development formed part of the bank’s efforts to bring more institutional digital asset custody operations under its banking structure.

Zodia Custody already operates in Singapore, having introduced institutional digital asset services in the country in September 2023. Its regional operations later expanded into Hong Kong, adding another Asian financial centre to its institutional custody network.

In June, Zodia secured a payment institution license in Luxembourg, extending its regulated stablecoin custody and transfer capabilities. The authorization allows the company to provide those services across the European Union under the applicable regulatory framework.

Standard Chartered’s planned Singapore service will therefore expand its institutional custody presence alongside existing operations across Asia, Europe, and the Middle East. The bank has made the proposed offering subject to regulatory requirements, without announcing a specific launch date.

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