Anchorage Digital Singapore, StanChart Launch 24/7 Institutional USD Accounts
The partnership offers eligible institutional clients round-the-clock US dollar accounts and SWIFT transfers, integrating fiat and digital asset management on a single platform.
Joint Offering for Digital Asset Firms
Anchorage Digital Singapore has partnered with Standard Chartered to provide institutional clients with US dollar (USD) accounts and SWIFT transfer capabilities. This offering allows eligible firms to manage both traditional fiat currency and digital assets through a unified platform.
The service mirrors functionalities previously established by Anchorage Digital Bank in the United States. Clients can now execute international USD wire transfers, including payments to and from third parties, directly from their digital asset custody, trading, and settlement platform.
Round-the-Clock Transfers and Virtual Accounts
A key feature of the new service is the ability for clients onboarded via Anchorage Digital Singapore to move USD funds around the clock. This includes transfers with Standard Chartered Singapore counterparties, even on weekends and public holidays. Anchorage Digital's Atlas settlement network also facilitates 24/7 fund transfers within its own ecosystem.
The offering incorporates virtual accounts, each in the client's own name with distinct routing details. This structure assists clients in separating funds, tracking payments, and reconciling transactions more effectively.
Targeting Diverse Institutional Clients
Luke Boland, Global Head of Fintech at Standard Chartered, stated that the collaboration combines Standard Chartered's banking systems and global network with Anchorage Digital's regulated platform. This aims to empower institutional firms to manage fiat and digital assets across borders with greater efficiency and security.
The services are designed for a broad range of clients, including digital asset exchanges, global trading businesses, blockchain protocols, neobanks, as well as eligible banks, asset managers, family offices, and corporates.
This expansion provides Asian institutional players, particularly those in the digital asset space, with enhanced operational flexibility. The ability to conduct 24/7 USD transfers and manage both fiat and digital assets on a single platform could streamline their treasury operations and reduce settlement risks.
For digital asset exchanges and trading firms operating across time zones, this integrated solution offers a tangible benefit by removing traditional banking hour limitations for US dollar movements.
The move signals a continued convergence of traditional finance and digital assets in Singapore's financial ecosystem, potentially attracting more global firms to establish their digital asset operations in the region.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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