Standard Chartered Global Digital Finance Board
Posted by Colin Lambert. Last updated: September 2, 2021
Standard Chartered has become the first bank to join the Global Digital Finance (GDF) patron board, an international alliance dedicated to best practice in the still relatively nascent crypto and digital assets industry.
The bank says GDF’s network of members and partners complements its digital assets strategy and its footprint across Asia, Africa and the Middle East, and offers a platform where industry leaders can come together to create compelling global opportunities and shape the future of digital assets.
It adds that digital currencies will play a “significant role” in shaping the future of money, with the potential to tackle many inefficiencies in the financial services by addressing issues related to access, costs, fragmented liquidity, foreign exchange, and settlement risks. “It can also support financial inclusion, giving the millions of unbanked around the world better and lower cost access to the global economy, supporting integrated and sustainable supply chains and creating a safer financial system,” the bank says.
The role of regulators is also critical to establishing a resilient regulatory framework to address critical issues such as financial crime, stability, legal rights, and consumer protection to control risks and foster innovation. GDF promotes collaboration between stakeholders such as central banks, commercial banks and fintechs, something Standard Chartered says is key to driving mainstream adoption and ensuring the development of a safe and reliable investment infrastructure for institutions and professional investors who want to gain exposure to digital assets, including cryptocurrencies.
“We look forward to opportunities where we can collaborate with other global experts to support the adoption of digital assets as well as contribute, facilitate and lead the industry dialogue on digital assets standards,” says Geoff Kot, global head of financial markets electronic trading and platforms, Standard Chartered. “We believe thoughtful adoption of digital assets based on the principles of consumer protection and compliance can promote a more efficient and inclusive financial system and banks have an ongoing responsibility to support the evolution of an open and trusted global financial architecture.”
Lawrence Wintermeyer, executive co-chair of GDF, adds, “As institutional adoption of digital assets rapidly evolves, we must ensure there is the highest level of industry-wide best practices and standards in place, aligned to emerging policy and regulation thinking and development. GDF and our members are at the forefront of creating these standards in a shared engagement forum with market participants, policymakers, and regulators. We are delighted that Standard Chartered has joined the 10 members of our Patron Board setting GDF’s strategic direction. Their leadership will greatly support financial institutions helping to raise the standards for custody, settlement finality, and brokerage across the crypto and digital assets landscape.”