Standard Chartered has signed a memorandum of understanding (MoU) with the Dubai International Financial Centre (DIFC) to collaborate on digital assets, including digital asset custody.
The MOU aims to foster cooperation between Standard Chartered’s wider digital assets agenda and the DIFC’s Innovation Hub, Dubai’s hub for fintech start-ups.
The bank and DIFC will also collaborate on opportunities to promote digital assets throughout the wider UAE economy.
The MoU was signed at the Dubai FinTech Summit by His Excellency Essa Kazim, governor of DIFC and Bill Winters, group CEO of Standard Chartered.
Subject to regulatory approval, Standard Chartered plans to launch digital asset custody services, starting in DIFC. The new services will be powered by its subsidiary Zodia Custody.
Standard Chartered became the first bank within the DIFC to purchase its own premises in 2006.
Commenting on the MoU, Winters says: "We see digital assets as an important part of the future of financial services and we are committed to investing in the infrastructure and talent necessary to be a leader in this space.
“The UAE has a well-balanced approach to digital asset adoption and financial regulation, making it an ideal first market for us to launch our digital asset custody proposition."
Kazim adds: “DIFC welcomes collaboration with partners such as Standard Chartered to further accelerate growth and enable collaboration that triggers new innovation, as we continue to shape the future of finance together."
