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<p><strong>Zodia Custody has made a significant contribution to Singapore’s development in the digital financial sphere.</strong></p> 
<h2 style="text-align: center;" id="expanding-into-singapore">Expanding into Singapore</h2> 
<p>Zodia Custody, <a href="https://cryptonews.com/news/standard-chartereds-crypto-subsidiary-zodia-custody-launches-singapore.htm" target="_blank" rel="noopener noreferrer nofollow">a subsidiary of the global banking giant Standard Chartered</a>, has officially launched its digital asset custody services in Singapore, marking a significant step in the <a href="https://walletinvestor.com/magazinadmin/ripple-gets-in-principle-payments-license-in-singapore/" target="_blank" rel="noopener noreferrer nofollow">country’s evolving</a> digital financial landscape.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Zodia Custody is delighted to announce our global expansion into Singapore 🌏🇸🇬</p> 
 <p>Local regulatory efforts to establish a better-defined digital asset ecosystem make <a href="https://twitter.com/ZodiaCustody?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@ZodiaCustody</a> the trusted custodian partner for institutions.</p> 
 <p>Read more: <a href="https://t.co/aVPYqL0gLh" rel="noopener noreferrer nofollow">https://t.co/aVPYqL0gLh</a><a href="https://twitter.com/hashtag/Singapore?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Singapore</a> <a href="https://t.co/cagH4xcYqY" rel="noopener noreferrer nofollow">pic.twitter.com/cagH4xcYqY</a></p> 
 <p>— Zodia (@ZodiaCustody) <a href="https://twitter.com/ZodiaCustody/status/1701521496428953771?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 12, 2023</a></p> 
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<h2 style="text-align: center;" id="meeting-a-rising-demand">Meeting a Rising Demand</h2> 
<p>The move is in response to the escalating demand from financial institutions across the Asia-Pacific region for secure, bank-grade custody solutions for digital assets, as the adoption of cryptocurrencies and blockchain technology continues to gain traction.</p> 
<h2 style="text-align: center;" id="pioneering-the-way">Pioneering the Way</h2> 
<p>Notably, Zodia Custody has become the pioneer entity in Singapore to be both owned by and partnered with banks to offer these critical digital asset custody services to financial institutions, a testament to the growing synergy between traditional banking institutions and the burgeoning digital asset ecosystem.</p> 
<h2 style="text-align: center;" id="a-strong-foundation">A Strong Foundation</h2> 
<p>Zodia Custody was established in 2021 through a strategic partnership between Standard Chartered and Northern Trust, reflecting the increasing interest among major financial institutions in engaging with the digital currency space. Additionally, the company has garnered investment and support from SBI Digital Asset Holdings, the crypto division of Japan’s SBI Group, as part of a broader collaborative effort.</p> 
<h2 style="text-align: center;" id="diverse-clientele">Diverse Clientele</h2> 
<p>The company’s clientele is diverse, ranging from hedge funds and high-frequency traders to prime brokers, exchanges, and asset managers. This wide-ranging customer base underscores the versatile and comprehensive nature of Zodia Custody’s services.</p> 
<h2 style="text-align: center;" id="leveraging-standard-chartered-s-strength">Leveraging Standard Chartered’s Strength</h2> 
<p>Zodia Custody’s association with Standard Chartered provides a substantial advantage, as it taps into the bank’s well-established brand reputation and robust infrastructure in Singapore. This affiliation extends to risk management, compliance frameworks, information security, and operational resilience, reinforcing the company’s commitment to providing top-tier digital asset custody services.</p> 
<h2 style="text-align: center;" id="singapore-s-crypto-prowess">Singapore’s Crypto Prowess</h2> 
<p>Singapore has emerged as a key player in the global digital asset landscape, with a notable crypto ownership rate of 19%, exceeding the global average of 15%, as reported by Statista, a respected market research firm.</p> 
<h2 style="text-align: center;" id="resilient-funding">Resilient Funding</h2> 
<p>Despite challenges faced by the crypto industry, including the fall of several prominent entities, Singapore has maintained its status as a fintech hotspot. Cryptocurrency and blockchain have continued to lead the way in fintech investments, receiving substantial funding.</p> 
<h2 style="text-align: center;" id="singapore-s-fintech-leadership">Singapore’s Fintech Leadership</h2> 
<p>In 2022, according to KPMG’s Pulse of Fintech report for the second half of the year, crypto-related funding in Singapore reached a noteworthy $1.2 billion. Although this figure represents a modest 21% decline compared to the previous year, it underscores the resilience and attractiveness of the local crypto ecosystem. Globally, crypto startups raised $23.1 billion in funding in 2022, marking a 23% year-over-year decrease.</p> 
<h2 style="text-align: center;" id="strategic-expansion">Strategic Expansion</h2> 
<p>Zodia Custody’s strategic expansion into Singapore closely follows its recent entry into Abu Dhabi. Earlier this month, the company received in-principle regulatory approval to operate as an over-the-counter (OTC) crypto broker-dealer in the United Arab Emirates’ capital. This strategic move aims to leverage Abu Dhabi’s crypto-friendly regulatory environment and its stature as a significant financial center.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Zodia Custody, the cryptocurrency custodian owned by Standard Chartered, announced Tuesday that it is launching its services in Singapore for financial institutions, CNBC reported.<a href="https://t.co/eDwiZVYygV" rel="noopener noreferrer nofollow">https://t.co/eDwiZVYygV</a></p> 
 <p>— Michael Branch (@Michael63140627) <a href="https://twitter.com/Michael63140627/status/1701525442878910506?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 12, 2023</a></p> 
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<h2 style="text-align: center;" id="global-reach">Global Reach</h2> 
<p>Zodia Custody’s global footprint extends beyond Singapore and Abu Dhabi, with the company already registered in the U.K., Ireland, Luxembourg, and a pending application in Japan. Moreover, Standard Chartered’s ongoing collaboration with the Monetary Authority of Singapore (MAS) and other financial institutions on Project Guardian underscores the institution’s commitment to innovation in the digital asset and blockchain space. This initiative aims to test asset tokenization and develop an initial token offering platform for asset-backed security tokens listed on the Singapore Exchange, showcasing a forward-looking approach to fintech innovation and regulatory collaboration.</p>

Standard Chartered’s Crypto Subsidiary Zodia Custody Launches in Singapore

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