Standard Chartered Bank Launches Crypto Custody Service in Singapore for Institutional Clients

Standard Chartered Bank announced on Thursday the launch of its cryptocurrency custody service in Singapore, targeting institutional and eligible corporate clients. This move signifies the global financial institution’s expansion into digital asset services within the Asian market.

The new service will enable clients to store Bitcoin, stablecoins, and tokenized real-world assets (RWAs). The offering is designed to comply with local regulatory requirements, and the bank will implement a strict selection process for supported crypto assets.

Singapore’s established regulatory framework for crypto asset service providers, particularly the Payment and Monetary Services Act (PSA) overseen by the Monetary Authority of Singapore (MAS), provides a clear compliance path. Standard Chartered views Singapore as a crucial financial and innovation hub and an integral part of its global strategy. The bank’s decision to launch its custody service here allows it to serve local institutional clients and potentially extend its reach into the broader Southeast Asian market.

This expansion into crypto custody follows Standard Chartered’s recent activities in the digital asset space. In May, the bank acquired the core custody business of Zodia Custody. Last month, it launched spot trading services for Bitcoin and Ethereum in the United Arab Emirates. Additionally, in June, Standard Chartered entered into a banking partnership agreement with the crypto exchange CoinMENA.

Compared to North America and Europe, the Asian crypto custody market is considered to be in its early expansion phase. Singapore’s concentration of foreign banks and its open capital flows make it an attractive entry point for global institutions looking to allocate assets in the Asian crypto market. This strategic positioning is further bolstered by the presence of domestic banks and crypto-native institutions in markets like Japan and South Korea.

The move by Standard Chartered signals a broader trend among traditional banks, shifting their focus from questioning the viability of crypto assets to actively establishing their presence in key markets. The bank’s entry into Singapore’s crypto custody sector highlights the growing importance of the Asian market as a strategic location for institutional crypto services.

While the launch details are reported, certain aspects remain to be clarified. The specific list of all supported crypto assets has not been disclosed, nor have the exact pricing strategies or detailed compliance procedures for the Singapore service. It is also yet to be seen whether Standard Chartered’s crypto businesses in the UAE and Singapore will be integrated into a cross-regional custody network.

Industry expectations suggest that the initial supported assets may include Bitcoin (BTC), Ethereum (ETH), and mainstream stablecoins such as USDC. Tokenized RWAs could potentially encompass assets like government bonds and fund products. The bank has previously indicated optimism regarding the potential growth of certain digital assets, with analyst predictions suggesting significant future value for assets like Aave and Ethereum, and anticipating substantial growth in RWAs.

Why This Matters

The materials describe a narrow update: Standard Chartered Bank has introduced a cryptocurrency custody service in Singapore, allowing institutional and eligible corporate clients to store Bitcoin, stablecoins, and tokenized real-world assets (RWAs). The specific list of supported crypto assets by Standard Chartered’s custody service has not been disclosed.

Broader Context

Source materials place the factual news in this context: Standard Chartered Bank announced the layoff of 15% of its back-office staff by 2030, with the CEO admitting to using AI to replace ‘low-value human labor’.