- Standard Chartered signed definitive agreements on 21 October to acquire 100% of Zodia Custody, subject to regulatory approvals.
- Zodia’s custody business, with entities in Australia, Singapore, Hong Kong, the UAE and Luxembourg, will join the bank’s Securities Services unit.
- Zodia’s software arm will become Zodia Solutions under SC Ventures, with investors including NAB Ventures and Northern Trust.
Standard Chartered has signed definitive agreements to buy Zodia Custody, a crypto custodian its venture arm agreed to launch with Northern Trust in 2020, including the custodian’s Australian business.
The bank announced the agreements on 21 October, after Zodia’s shareholders and noteholders accepted its non-binding offer in May. Group entity Standard Chartered I H Limited will take 100% of Zodia Custody Limited. The deal still needs regulatory approvals and must meet customary closing conditions. The bank did not disclose the deal’s price or a completion date.
Zodia Custody Limited is the parent of what Standard Chartered describes as regulated operating entities in Singapore, Hong Kong, Australia, the United Arab Emirates and Luxembourg.
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Custody Moves Inside the Bank
Once the deal completes, Zodia’s custody business will be folded into the bank’s existing digital asset custody operations within Securities Services. Standard Chartered already runs that service in the UAE, Hong Kong and Luxembourg, where it opened an EU crypto custody entity in January 2025. It set out plans on 8 October to offer the same custody service in Singapore.
Ying Ying Tan became the bank’s global head of securities services and digital assets on 14 October. She succeeded Margaret Harwood-Jones, who now runs the bank’s UK and Europe business. Tan said the purchase deepens Standard Chartered’s digital asset custody portfolio.
The bank said it expects no disruption for clients, and existing Zodia custody clients will continue to be served as usual.
Zodia’s software and professional services business is being split off into Zodia Solutions, a new independent company under that venture arm, SC Ventures. Zodia Solutions, led by chief executive Craig Perrin, will keep supplying infrastructure to financial institutions, including Standard Chartered.
Zodia’s Australian Arm
Zodia Custody Australia opened in October 2023, serving corporate clients in Australia and New Zealand. National Australia Bank tested its platform in a nine-week proof of concept, and listed blockchain firm DigitalX signed on as the first customer.
NAB’s venture arm then invested an undisclosed amount in Zodia Custody in June 2024.
In Australia, platforms that hold digital tokens on behalf of clients will need an Australian financial services licence under the Corporations Amendment (Digital Assets Framework) Act 2026, according to ASIC.
That licensing regime starts on 8 April 2027. Licence applications from platforms already operating are due by 7 October 2027, and those platforms can keep trading while ASIC assesses them.
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