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<![CDATA[<figure class="image"><img src="https://cimg.co/news/124660/329295/standard-chartered.jpg" srcset="https://cimg.co/news/124660/329295/responsive-images/standard-chartered___media_library_original_1200_800.jpg 1200w, https://cimg.co/news/124660/329295/responsive-images/standard-chartered___media_library_original_900_600.jpg 900w, https://cimg.co/news/124660/329295/responsive-images/standard-chartered___media_library_original_720_480.jpg 720w, https://cimg.co/news/124660/329295/responsive-images/standard-chartered___media_library_original_600_400.jpg 600w, https://cimg.co/news/124660/329295/responsive-images/standard-chartered___media_library_original_300_200.jpg 300w" width="1200" class="content-img" alt=""><figcaption>Source: AdobeStock / tang90246</figcaption></figure>Zodia Custody, a subsidiary of Standard Chartered, has officially launched its digital asset custody services for financial institutions in Singapore.&nbsp;The company aims to cater to the growing demand from institutions seeking bank-grade custody solutions for digital assets in the Asia-Pacific region, <a href="https://www.cnbc.com/2023/09/11/standard-chartered-owned-crypto-firm-zodia-launches-in-singapore.html">CNBC reported</a>.&nbsp;This development positions Zodia as the first entity in Singapore that is both owned by and partnered with banks to offer digital asset custody services to financial institutions.&nbsp;<h2 id="zodia-custody-provides-services-to-major-financial-institutions">Zodia Custody Provides Services to Major Financial Institutions&nbsp;</h2>Zodia Custody was established in 2021 through a partnership between Standard Chartered and Northern Trust, highlighting the increasing interest of major financial institutions in the digital currency space.&nbsp;Additionally, Zodia is <a href="https://www.finextra.com/pressarticle/95639/zodia-custody-inks-joint-venture-with-sbi-digital-asset-holdings">partially owned by SBI Digital Asset Holdings</a>, the crypto division of Japanese bank SBI, which has plans to launch its own custody business in Japan as part of this collaboration.Zodia Custody serves a diverse clientele that includes hedge funds, high-frequency traders, prime brokers, exchanges, and asset managers.&nbsp;The company has aligned itself with Standard Chartered's robust brand reputation in Singapore, leveraging the bank's risk management, compliance frameworks, information security, and operational resilience capabilities.Singapore has emerged as a significant hub for digital asset adoption, with a crypto ownership rate of 19%, surpassing the global average of 15%, <a href="https://www.statista.com/topics/10584/cryptocurrency-in-singapore/#topicOverview">according to Statista</a>, a market research firm.&nbsp;This growth is further evident in the substantial funding that crypto companies in Singapore continue to attract.&nbsp;<h2 id="singapore-continues-to-remain-a-fintech-hotspot">Singapore Continues to Remain a Fintech Hotspot</h2>Despite a challenging period for the industry, with the collapse of several prominent names, <a href="https://cryptonews.com/news/singapore-tops-list-of-crypto-friendly-investment-migration-destinations.htm">Singapore maintained its momentum as a fintech hotspot</a>, with cryptocurrency and blockchain leading the way in fintech investments in 2022.According to KPMG's Pulse of Fintech report for the second half of 2022, crypto-related funding in Singapore reached $1.2 billion, although it did experience a modest 21% decline compared to the previous year. Globally, crypto startups secured $23.1 billion in funding in 2022, marking a 23% year-over-year decrease.Zodia's strategic expansion into Singapore follows its recent move into Abu Dhabi, where it obtained in-principle regulatory approval earlier this month. This expansion aims to leverage Abu Dhabi's crypto-friendly regulatory environment and its status as a prominent financial center in the United Arab Emirates.
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Standard Chartered's Crypto Subsidiary Zodia Custody Launches in Singapore

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Cryptonews.com

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