Standard Chartered introduces new service in the UAE
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Standard Chartered introduces new service in the UAE 10 September 2024UAE Reporter: Clelia Frondaroli
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Standard Chartered has launched a digital asset custody service in the United Arab Emirates (UAE), after being granted a licence by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC).
The service will enable clients to safeguard their digital assets and has launched in the UAE as a result of its approach to digital asset adoption and financial regulation.
The inaugural client for the product is confirmed to be Brevan Howard Digital, the crypto and digital asset division of Brevan Howard. Standard Chartered also plans to encompass a wider range of digital assets in the coming months, and intends to expand its custody services to other key financial markets.
Bill Winters, group chief executive of Standard Chartered Bank, states: “The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry. With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business.”
Global head of financing and securities services, Margaret Harwood-Jones, adds: “After a period of intensive work and close collaboration with regulators both regionally and globally, we are thrilled to welcome Brevan Howard Digital as the first client of our digital asset custody offering.”
Gautam Sharma, CEO of Brevan Howard Digital, concludes: “This is a significant win for the UAE and the wider digital asset industry. The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion”
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Image: Photocreo Bednarek/stock.adobe.com 