Zodia Custody has unveiled its institutional digital asset services in Singapore, marking a significant step towards its broader expansion strategy in the Asia-Pacific region. This milestone signifies the first instance of a bank-owned entity offering digital asset custody services to financial institutions in Singapore, media reports said. .
Singapore is an ideal market for Zodia Custody’s expansion plans. Julian Sawyer, CEO of Zodia Custody, highlighted the market’s familiarity with crypto, stating, “Singapore is a market that has been no stranger to the crypto world for a long time.”
Zodia Custody’s move into Singapore aligns with its objective of meeting the growing demand from institutions seeking bank-grade custody solutions for digital assets. This expansion not only enables them to cater to the rising demand from existing clients in the region but also positions them strategically in the Asia-Pacific market.
Founded in the UK in 2020, Zodia Custody operates as a subsidiary of Standard Chartered, a partnership that offers several advantages. Sawyer emphasized the significance of this partnership, noting, “Being part of Standard Chartered comes up in every single conversation. We adopt their risk, compliance frameworks, information security, resilience, and people management.”
Zodia Custody serves a diverse clientele, including hedge funds, high-frequency traders, prime brokers, exchanges, and asset managers. The company holds registrations with regulatory authorities such as the Financial Conduct Authority in the UK, the Central Bank of Ireland, and Luxembourg’s Commission de Surveillance du Secteur Financier. Additionally, it has a pending application with Japanese regulatory authorities, further demonstrating its commitment to regulatory compliance and expanding its global footprint.
