According to CoinDesk, Zodia Custody, a cryptocurrency storage provider and a subsidiary of Standard Chartered, has launched in Singapore. The firm aims to provide digital asset custody services for financial institutions and has established a company called Zodia Custody (Singapore) Pvt. Limited. Kai Kano, former Bitgo managing director, has been appointed as its first CEO.

Although custody in Singapore is not a licensed activity yet, Zodia Custody does not require a license. However, the company wants to be in a prime position when the time comes. Zodia Custody CEO Julian Sawyer stated in an interview with CoinDesk that they want to be present in global financial centers as soon as a regulatory roadmap allows them to invest in a market and provide assurance to their clients that they can operate there.

This development signifies a rare partnership between a traditional financial institution and a digital asset firm in Singapore. Zodia Custody is already registered in the U.K., Ireland, Luxembourg, and has a pending application in Japan. Earlier this month, Zodia Markets, a separate entity backed by Standard Chartered Ventures, received approval in principle to operate as an over-the-counter (OTC) crypto broker-dealer in Abu Dhabi. Standard Chartered has also been collaborating with the Monetary Authority of Singapore (MAS) and other financial institutions on an initiative called Project Guardian to test asset tokenization and is developing an initial token offering platform to issue asset-backed security tokens listed on the Singapore Exchange.