Standard Chartered plans crypto and tokenized asset custody service in Singapore
In brief
- Standard Chartered plans Singapore custody for selected crypto, stablecoins and tokenized real-world assets.
- Institutional and accredited investor corporate clients are the target, not retail users.
- The plan remains subject to applicable regulatory requirements.
- Launch date and supported asset list were not disclosed.
- Expansion adds Singapore to existing hubs including the UAE, Luxembourg and Hong Kong.
What the bank announced
The Singapore plan expands a digital asset business that already reaches financial hubs including the UAE, Luxembourg and Hong Kong. It's not a retail product. According to CoinDesk, the service would sit within Standard Chartered's financing and securities-services business rather than operate as a retail crypto offering.
The bank said the custody service would support clients across the asset lifecycle (from safeguarding traditional assets to issuing and holding tokenized versions of them). Patrick Lee, Standard Chartered's Singapore chief executive, said in the announcement that the bank sees rising institutional demand for trusted infrastructure to move and safeguard tokenized assets.
The details are thin, though. The announcement didn't identify which crypto assets, stablecoins or tokenized products it expects to support, and it didn't say when the service would begin.
Where client interest is showing up
Ying Ying Tan, the bank's global head of digital assets and securities services, pointed to tokenised funds, ETFs and precious metals in an email to CoinDesk.
“As adoption grows, we are seeing institutional use cases and client interest emerge around tokenised funds, ETFs and precious metals, as clients look for more efficient ways to hold, transfer and mobilise assets,”
She added that the Singapore move strengthens the bank's ability to help clients bridge traditional and digital markets through regulated, bank-grade infrastructure.
Zodia, Dubai and other global banks
Standard Chartered has been building the business through Zodia, its custody arm. CoinDesk reported that the bank agreed in May to acquire the rest of Zodia Custody (a firm it founded with Northern Trust) and last month began offering institutional spot bitcoin and ether trading through its Dubai branch's foreign-exchange platform.
It isn't a first for a global bank. BNY expanded its digital-asset custody platform to include USDC custody and minting, and later added staking. CoinDesk described Singapore as one of Asia's key wealth-management and digital-asset centers, noting that Standard Chartered's offering explicitly covers stablecoins and tokenized assets alongside crypto.
For now, it's a plan that's still subject to regulatory requirements, with no start date attached.
Frequently asked questions
Who will be able to use Standard Chartered's Singapore crypto custody service?
The bank said the service would be available to institutional clients and accredited investor corporate clients. It would sit within Standard Chartered's financing and securities-services business rather than operate as a retail crypto product.
Which assets will Standard Chartered custody in Singapore, and when does it start?
The bank said it plans custody for selected cryptocurrencies, stablecoins and tokenized real-world assets. The announcement didn't name specific assets or products and didn't say when the service would begin. The plan remains subject to applicable regulatory requirements.
