Standard Chartered has signed a Memorandum of Understanding (MoU) with the SIX Digital Exchange (SDX), to join its central securities depository platform (CSD). The agreement aims to expand the bank’s digital asset custody services, providing clients with access to Switzerland’s digital securities market. It will also collaborate on other SDX activities relating to crypto-assets. The move represents Standard Chartered’s latest step to expand its custody activities.
“We see SDX as a pioneer and leading institution for digital securities in Switzerland, and this next step in our journey supports our ambition to grow our digital asset custody offering and will unlock even greater opportunities for our clients,” said Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered.
Last year Standard Chartered launched digital asset custody services in the UAE, including partnering with crypto exchange OKX to provide custody to its institutional clients. It has since launched a Luxembourg subsidiary aiming to provide digital asset custody services and partnered with stablecoin issuers in Asia including Straits X and Paxos, although the services provided to the stablecoin issuers may be more conventional.
Standard Chartered is also the majority shareholder in Zodia Custody, which is part of its SC Ventures arm and operates independently of the bank. Zodia has several outside investors including Northern Trust, SBI, National Australia Bank and Emirates NBD.
Meanwhile, SIX Digital Exchange is a pioneer in the institutional digital securities landscape. Breaking new ground, the platform secured the distinction of being the world’s first regulated digital securities exchange, and subsequently was the first to integrate a digital central securities depository with traditional CSD infrastructure. Its innovative approach extends to being the sole platform currently utilizing a live wholesale central bank digital currency (wCBDC) for settlement purposes. The exchange has already demonstrated its market potential by facilitating digital bond issuances exceeding CHF 1.5 billion, with notable issuers including the World Bank.
