Zodia Custody, a subsidiary of Standard Chartered, has officially increased its presence in Singapore, which was disclosed exclusively to CNBC. This makes the firm the first entity owned by and partnered with banks to offer crypto custody services for financial institutions in Singapore, the company stated.CNBC was informed by Julian Sawyer, the CEO of Zodia, that Singapore is "advancing to the next stage of maturity" with regards to laws on crypto and the emergence of central bank digital currencies.
On Tuesday, Zodia Custody launched in Singapore to meet the demand of the country's rapidly growing digital asset market. Zodia is a joint endeavor of Standard Chartered, the British bank with a presence largely in emerging markets, and SBI Digital Asset Holdings, the crypto division of Japanese bank SBI. This makes Zodia the first entity with the backing of banks to provide digital asset custody services for financial institutions in Singapore.
CEO Julian Sawyer, previously a co-founder of Starling Bank, reported that Singapore is "getting to that next level of maturity" when it comes to central bank digital currency. Singapore's crypto ownership rate stands at 19%, higher than the global average of 15%, and in 2022, Crypto or blockchain was the top area of fintech investment in Singapore, pulling in $1.2 billion.
After launching in Singapore, Zodia recently expanded into Abu Dhabi with in-principle regulatory approval. Zodia wants to expand across Asia-Pacific to cater to growing demand from institutions for bank-grade custody of digital assets. Zodia works with clients ranging from hedge funds and high frequency traders to prime brokers, exchanges, and asset managers.
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