UK-based Standard Chartered has signed a memorandum of understanding with the Dubai International Financial Centre to work on digital assets. Pending regulatory approval, Standard Chartered is looking to launch digital asset custody services in the UAE, starting in the Dubai International Financial Centre (DIFC) while aiming to serve institutional clients around the world.

These new services will be powered by one of Standard Chartered’s subsidiaries, namely Zodia Custody, which is equipped with the necessary operational and technical capabilities to meet the requirements of institutional clients. Standard Chartered officials cited by ffnews.com talked about their collaboration with the DIFC and emphasised the importance of digital assets in the financial services sector. They also revealed their goals to continue their investments in the required infrastructure and talent in order to elevate Standard Chartered to a leadership position in this space.

DIFC representatives cited by the same source talked about the Dubai fintech sector and how it can support innovation and economic growth according to the Government’s Dubai Economic Agenda (D33), which aims to propel Dubai to a top 4 global financial hub. Regarding the partnership with Standard Chartered, they welcomed the endeavour and highlighted its potential to accelerate growth, encourage collaboration and support innovation. The bank and DIFC will also work together on various opportunities to promote a thriving digital assets ecosystem that benefits Dubai and the wider UAE economy.

The MOU will encourage the development of the bank’s wider digital assets agenda in collaboration with the DIFC Innovation Hub, which is the region’s leading ecosystem for start-ups and scale-ups. Other developments from Standard Chartered In May 2023, Standard Chartered expanded its partnership with Tazapay to deliver payments and commerce-enabling experiences to its global customers. The partnership is in line with the bank’s broader aim to ensure curated financial services and products on B2B platforms.

It also focuses on enabling B2B marketplaces to onboard third-party sellers across 170 markets globally. Both companies expanded their strategic partnership in such a way as to integrate the necessary processes and technologies for these new solutions to be delivered in a seamless and secure manner. Following the deal, Tazapay was able to leverage Standard Chartered’s banking tools, which include payment acceptance solutions, payouts, FX services, and bank accounts.

In March 2023, Standard Chartered announced the launch of the working capital and lending capability on its Straight2Bank (S2B) platform. The Straight2Bank solution represents the bank’s online banking platform for businesses to manage their transaction banking needs. S2B Loans is a new module that allows clients to initiate and approve new loan drawdown and rollover requests.

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