Standard Chartered has signed definitive agreements to acquire full ownership of Zodia Custody, converting a non-binding proposal accepted earlier this year into a binding transaction. The move will bring the digital asset custodian’s regulated operations fully under the bank’s control, subject to regulatory clearances and standard closing conditions.

Standard Chartered I H Limited, a subsidiary of the London-based banking group, will purchase 100 percent of Zodia Custody Limited, the parent company of regulated entities operating in Singapore, Hong Kong, Australia, the United Arab Emirates and Luxembourg. Financial terms of the transaction have not been disclosed, and no firm completion date has been set.

Deal Structure and Business Split

Upon closing, Zodia’s regulated digital asset custody business will be absorbed into Standard Chartered’s Securities Services division. The bank already maintains digital asset custody capabilities in several markets and plans to consolidate these activities into a more unified institutional offering that covers both traditional securities and digital assets.

Separately, Zodia’s digital asset software and professional services operations will transfer to a newly formed independent company named Zodia Solutions. This entity will sit under SC Ventures, Standard Chartered’s innovation and investment arm, and will continue supplying infrastructure and related services to financial institutions, including the bank itself.

Supporting investors in Zodia Solutions include NAB Ventures, Northern Trust, SBI Ventures Asset, Further Ventures’ Q Studio, Emirates NBD, Investcorp’s Zodia Investments, and Zodia Holdings, which is owned by SC Ventures.

Background and Timeline

Zodia Custody originated as a joint initiative involving Standard Chartered’s venture arm and Northern Trust, formally launching institutional digital asset custody services in 2020. It later expanded into multiple jurisdictions and attracted additional institutional capital.

In May, Zodia’s shareholders and noteholders accepted Standard Chartered’s non-binding offer. The parties had initially aimed to finalize definitive agreements by the end of June and complete the transaction before the end of August. Those targets were not met, and the binding documents were signed on October 21.

Richard Clark, chief executive of Zodia Custody, stated that combining the firm’s specialized expertise with Standard Chartered’s international banking network would strengthen the institutional offering and give clients broader access to regulated custody services. Craig Perrin, who will lead Zodia Solutions, noted that financial institutions are progressing from pilot projects toward operating digital asset services at scale and require trusted technology partners.

Client Continuity and Broader Context

Standard Chartered has stated that existing Zodia Custody clients should experience no disruption during the transition, with services continuing as usual. Ying Ying Tan, who assumed the dual roles of Global Head of Securities Services and Global Head of Digital Assets in October 2024, is overseeing the integration process.

The transaction forms part of Standard Chartered’s wider expansion of digital asset capabilities. The bank has recently introduced spot Bitcoin and Ether trading for institutional clients in the United Arab Emirates and announced plans to offer institutional crypto custody services in Singapore. It already provides related services in markets including the UAE, Luxembourg and Hong Kong.

Completion of the acquisition remains contingent on obtaining the necessary regulatory approvals across the relevant jurisdictions and satisfying customary closing conditions. No further details on the expected timeline or specific regulators involved have been released.