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Permanent in the UK Standard Chartered Bank A memorandum of understanding has been signed with the Dubai International Financial Center to jointly develop digital assets.
Pending regulatory approval, Standard Chartered wants to launch digital asset custody services in the UAE, starting with the Dubai International Financial Center (DIFC), while aiming to serve institutional clients globally. These new services will be powered by Zodia Custody, one of the subsidiaries of Standard Chartered Bank, which has the necessary operational and technical capabilities to meet the needs of institutional clients.
Standard Chartered officials quoted by ffnews.com spoke about their collaboration with the DIFC and emphasized the importance of digital assets in the financial services sector. They also revealed their aim to continue investing in the infrastructure and talent needed to elevate Standard Chartered to a leadership position in the sector.
The DIFC representative cited by the same source spoke about the Dubai fintech industry and how it supports innovation and economic growth in line with the government’s Dubai Economic Agenda (D33), which aims to promote Dubai as a top four global financial centre. Regarding the partnership with Standard Chartered, they welcomed the effort and highlighted its potential to accelerate growth, encourage collaboration and support innovation.
The bank and DIFC will also collaborate on opportunities to promote a thriving digital asset ecosystem, which benefits Dubai and the wider UAE economy. The MoU will encourage the bank to collaborate on the broader digital asset agenda with the DIFC Innovation Centre, the region’s leading ecosystem for start-ups and scale-up.
Other developments at Standard Chartered
May 2023, Standard Chartered extends partnership with Tazapay Provide a payment and commerce support experience for its global customers. The partnership fits with the bank’s broader aim of ensuring the availability of select financial services and products on the B2B platform. It’s also focused on enabling B2B marketplaces to onboard third-party sellers across 170 marketplaces around the world.
The two companies extended their strategic partnership to integrate the necessary processes and technologies to deliver these new solutions in a seamless and secure manner. Following the transaction, Tazapay will be able to utilize Standard Chartered Bank’s banking tools, including payment acceptance solutions, payments, foreign exchange services and bank accounts.
March 2023, Standard Chartered announced Launched working capital and lending capabilities on its Straight2Bank (S2B) platform. The Straight2Bank solution represents the bank’s online banking platform for businesses to manage their transaction banking needs. S2B Loans is a new module that allows clients to initiate and approve new loan drawdown and rollover requests.
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