Standard Chartered has signed a memorandum of understanding (MoU) with the Dubai International Financial Centre (DIFC), as the two look to collaborate in the digital digital assets space, including digital asset custody.
Standard Chartered has planned to launch digital asset custody services, starting in Dubai and to cater to institutional clients worldwide (subject to regulatory approval). The multinational bank is a market leader in the Securities Services industry and has also been an early mover in developing services to provide custody of digital assets, including cryptocurrencies.
The new services will be powered by its subsidiary Zodia Custody, which provides operational and technical capabilities suited to the needs of institutional clients.
The MoU was signed at the Dubai FinTech Summit by Essa Kazim, governor of DIFC and Bill Winters, group CEO of Standard Chartered. The MoU aligns with Dubai’s vision and goal to position itself at the forefront of the future of finance.
Bill Winters also discussed why the bank had made this move, during the MoU’s signing ceremony. He 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.”
Dubai’s fintech sector is ‘a key driver of innovation and economic growth’
Standard Chartered and DIFC also expressed plans to partner on opportunities that promote a vibrant and thriving digital assets ecosystem to benefit Dubai, as well as the wider UAE economy. Furthermore, the MoU will foster further close cooperation for the bank’s wider digital assets agenda in collaboration with the DIFC Innovation Hub, the region’s leading ecosystem for start-ups and scale-ups.
HE Essa Kazim, also explained why Dubai’s fintech sector is so well positioned to enable innovation in the space: “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 four global financial hub. DIFC welcome collaboration with partners such as Standard Chartered to further accelerate growth, and enable collaboration that triggers new innovation, as we continue to shape the future of finance together”.
Standard Chartered was the platinum sponsor of the premier Dubai FinTech Summit. The fintech summit was proved to be an ideal platform to connect start-ups, investors, and industry leaders, according to DIFC.