Dubai: Standard Chartered and Dubai International Financial Centre (DIFC) have signed a memorandum of understanding (MoU) to collaborate on digital assets, with a specific focus on digital asset custody.
The partnership aims to launch digital asset custody services, initially in DIFC, and later cater to institutional clients globally, pending regulatory approval. Standard Chartered, a leader in the Securities Services industry, is among the early adopters in developing custody solutions for digital assets, including cryptocurrencies.
The bank plans to leverage its expertise in traditional custody, along with its subsidiary Zodia Custody, which possesses strong operational and technical capabilities suited to the needs of institutional clients. The MoU signed during the Dubai FinTech Summit by Mr. Essa Kazim, Governor of DIFC, and Mr. Bill Winters, Group Chief Executive Officer of Standard Chartered, aligns with Dubai’s vision of being at the forefront of the future of finance.
Mr. Bill Winters emphasized the bank’s belief in digital assets as a crucial component of the financial services landscape and their commitment to investing in the necessary infrastructure and talent to become a leader in the field. The Chief also praised the UAE’s balanced approach to digital asset adoption and financial regulation, which positions it as an ideal market for the bank’s digital asset custody services.
In addition to digital asset custody, Standard Chartered and DIFC will collaborate on initiatives to foster a thriving digital assets ecosystem that benefits Dubai and the wider UAE economy. The MoU also entails close cooperation between the bank and DIFC Innovation Hub, the region’s leading ecosystem for start-ups and scale-ups, as part of the bank’s broader digital assets agenda.
Mr. Essa Kazim highlighted the significance of the fintech sector in driving innovation and economic growth in Dubai, aligning with the government’s vision to become a top global financial hub. The Governor welcomed the collaboration with Standard Chartered, emphasizing that it would accelerate growth, foster innovation, and shape the future of finance in collaboration with various partners.