Standard Chartered to expand crypto custody services in Singapore

Standard Chartered adds Singapore to its crypto custody network

Standard Chartered's Singapore unit will offer crypto custody services to institutional investors. The bank plans to hold selected digital assets, stablecoins, and tokenized real-world assets. The launch is expected before the end of 2026.

Custody refers to the secure storage of digital assets on behalf of clients. Stablecoins are cryptocurrencies designed to maintain a steady value by being linked to a traditional currency. Tokenized real-world assets are physical items like bonds or commodities that are represented as digital tokens on a blockchain.

Key details on the new service

• The service will target institutional investors rather than retail customers.
• It will cover selected crypto assets, stablecoins, and tokenized real-world assets.
• The launch is planned for the end of 2026, pending regulatory approval.
• The offering will build on existing custody operations in the UAE, Luxembourg, and Hong Kong.

What the bank's statement says

In a statement released Thursday, Standard Chartered said the new service would extend its current crypto custody footprint. Ying Ying Tan, the bank's global head for digital assets, told The Block that the firm aims to launch the offering by year-end. Patrick Lee, Standard Chartered's CEO for Singapore, ASEAN and South Asia, described Singapore as an important centre for financial innovation with strong institutional demand for trusted digital asset solutions.

Background on the Zodia acquisition

The expansion follows the bank's effort to bring more crypto custody operations in-house. In April, Bloomberg reported that Standard Chartered was considering folding parts of Zodia Custody into its corporate bank division. Zodia is a custodian that Standard Chartered incubated with Northern Trust in 2020. By May, the bank confirmed its non-binding offer had been accepted.

Zodia has operated in Singapore since September 2023, when it began offering institutional crypto asset services there. It later expanded into Hong Kong. In June, Zodia received a payment institution license in Luxembourg, allowing it to provide regulated stablecoin custody and transfer services across the European Union.

What is confirmed

Standard Chartered plans to offer crypto custody for institutions in Singapore. The bank confirmed it wants to launch by the end of 2026. The service will include selected crypto assets, stablecoins, and tokenized real-world assets. The expansion will add Singapore to its existing custody network in the UAE, Luxembourg, and Hong Kong. The bank also confirmed that a non-binding offer to acquire part of Zodia Custody was accepted in May.

What remains uncertain

The exact list of crypto assets and tokenized products available at launch has not been disclosed. Regulatory approval in Singapore is still required and has not been confirmed. The final timeline for the service launch depends on meeting those regulatory requirements.

Why this matters for institutional crypto

Institutional investors frequently seek secure and regulated methods to store digital assets. The new service builds on Standard Chartered's existing custody operations in the UAE, Luxembourg, and Hong Kong. It also supports the bank's broader strategy to bring more crypto custody functions in-house, following its acceptance of a non-binding offer to acquire part of Zodia Custody in May.

Next steps for the launch

The bank intends to launch the custody service by the end of 2026. It will need to satisfy Singapore's regulatory requirements before offering the service to clients. The integration of Zodia's operations into the bank's corporate division is expected to continue alongside the new offering.

Sources

• The Block