The Dubai International Financial Centre (DIFC) and Standard Chartered have signed an MoU to collaborate on digital asset custody, highlighting a growing interest in this area among financial institutions.
The Dubai International Financial Centre (DIFC) and Standard Chartered have signed a memorandum of understanding (MoU), as the two parties want to work together in the area of digital assets, particularly digital asset custody.
Subject to regulatory approval, Standard Chartered intends to begin offering digital asset custody services in Dubai and to serve institutional clients globally. The global bank has established itself as a market leader in the Securities Services sector and was a pioneer in the creation of services for the custody of digital assets, including cryptocurrencies.
The upcoming services will receive support from Zodia Custody, a subsidiary of the company that provides customized technological and operational capabilities to meet the needs of institutional clients.
Bill Winters, group CEO of Standard Chartered, and Essa Kazim, governor of DIFC, signed the MoU at the Dubai FinTech Summit. The MoU is consistent with Dubai’s vision and objective to become a global leader in finance.
During the signing of the MoU, Bill Winters also explained why the bank had made this decision. “We believe that digital assets will play a significant role in the future of financial services, and we are committed to investing in the talent and infrastructure needed to be a leader in this field,” he said. The UAE is a perfect first market for us to introduce our digital asset custody proposition because of its well-balanced approach to financial regulation and the deployment of digital assets.
A crucial driver of innovation and economic progress’ is Dubai’s fintech industry
Additionally, Standard Chartered and DIFC announced plans to collaborate on projects that support a thriving environment for digital assets, which will be advantageous to both Dubai and the larger UAE economy. The MoU will also encourage continued close collaboration for the bank’s larger digital assets strategy in partnership with the DIFC Innovation Hub, the premier ecosystem for start-ups and scale-ups in the region.
According to Essa Kazim, the Dubai FinTech sector has become a crucial catalyst for innovation and economic expansion, aligning with the Government’s Dubai Economic Agenda (D33) to establish itself as one of the world’s top four financial hubs. He also highlighted Dubai’s advantageous position in fostering innovation within the industry. DIFC remains committed to collaborating with strategic partners such as Standard Chartered to drive growth and stimulate groundbreaking innovation, as we strive to shape the future of finance together.
At the top Dubai FinTech Summit, Standard Chartered served as the platinum sponsor. According to DIFC, the fintech summit has proven to be the best venue for bringing together entrepreneurs, investors, and business executives.