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Standard Chartered Bank and Dubai International Financial Center (DIFC) have signed a Memorandum of Understanding (MoU) to collaborate on digital assets, including digital asset custody.
Following regulatory approval, Standard Chartered plans to launch digital asset custody services, starting with DIFC, to meet the needs of institutional clients globally. A market leader in the securities services industry, Standard Chartered was a pioneer in developing services to provide custody of digital assets, including cryptocurrencies.
Drawing on its own international expertise in traditional custody, its new service will be supported by its subsidiary, Zodia Custody, which has best-in-class operational and technical capabilities to meet the needs of institutional clients.
the future of finance
The MoU, signed by DIFC Governor Essa Kazim and Standard Chartered Group CEO Bill Winters at the Dubai Fintech Summit, is in line with Dubai’s vision to be at the forefront of the future of finance.
Winters said: “We believe that digital assets are an important part of the future of financial services, and we are committed to investing in the infrastructure and talent necessary to become a leader in this space. The UAE has a balanced approach to the adoption of digital assets and Financial regulation, making it an ideal first market for our digital asset custody proposal.”
The Bank and DIFC will also collaborate to promote a vibrant and thriving digital asset ecosystem, which benefits Dubai and the wider UAE economy. The MoU will work with the region’s leading start-up and scale-up ecosystem, the DIFC Innovation Hub, to foster close collaboration on the bank’s wider digital asset agenda.
key drivers
Kazim said: “Dubai’s fintech industry has emerged as a key driver of innovation and economic growth, which is very much in line with the government’s Dubai Economic Agenda (D33) to become a top four financial center in the world. DIFC welcomes working with partners such as Standard Chartered Bank to further Accelerating growth and fostering collaborations that spark new innovations as we continue to shape the future of finance together.”
Standard Chartered was a platinum sponsor of the Dubai Fintech Summit earlier this week. The summit has proven to be the perfect platform to connect startups, investors and industry leaders.
In 2006, Standard Chartered became the first bank in the DIFC to purchase its own premises. This partnership is a natural outgrowth of the bank’s long-term commitment to the UAE and the wider region. The bank operates all of its regional activities in Africa and the Middle East, as well as some global roles, from the UAE. This includes Saadiq, its Islamic banking arm. — trade arab news agency
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