Standard Chartered Joins GDF Pakistan Board of Directors
KARACHI: Standard Chartered has announced that it has joined the Board of Directors of Global Digital Finance (GDF), a unique international alliance of some of the world’s most innovative crypto natives, fintech companies and banks.
The first bank to join the association as a Patron Member, Standard Chartered will collaborate with other members to champion and accelerate the adoption of best practices for crypto and digital assets, through a network of strategic innovators across the chain. value digital assets that develop industry and governance standards and facilitate engagements between regulators, policy makers as well as professional and industrial bodies.
GDF’s extensive network of members and partners complements Standard Chartered’s digital asset strategy and footprint in Asia, Africa and the Middle East, and provides a platform where industry leaders can come together to create compelling global opportunities and shape the future of digital assets.
Digital currencies will play an important role in shaping the future of money, with the potential to address many inefficiencies in financial services by addressing issues related to access, costs, fragmented liquidity, exchange and settlement risks. It can also support financial inclusion, giving the millions of unbanked people around the world better and lower-cost access to the global economy, supporting integrated and sustainable supply chains and creating a stronger financial system. sure.
At the same time, the role of regulators is essential to establish a resilient regulatory framework to address critical issues such as financial crime, stability, legal rights and consumer protection in order to control risks and foster innovation. Collaboration between stakeholders such as central banks, commercial banks and fintechs is therefore essential to foster adoption by the general public and ensure the development of a safe and reliable investment infrastructure for institutions and investors. professionals who wish to gain exposure to digital assets, including cryptocurrencies.
Geoff Kot, Global Head of Platforms and Electronic Exchanges in Financial Markets, Standard Chartered, said: “We are delighted to join the GDF Board of Directors and look forward to opportunities where we can collaborate with other experts. global organizations to support digital asset adoption as well as contribute, facilitate and lead industry dialogue on digital asset standards. We believe that 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 global financial architecture and reliable.
Lawrence Wintermeyer, Executive Co-Chairman of GDF, said: “As the institutional adoption of digital assets evolves rapidly, we need to ensure that there is the highest level of industry-wide best practices and standards, aligned with the reflection and development of emerging policies and regulations. GDF and our members are at the forefront of creating these standards in a forum of shared engagement with market players, policy makers and regulators. We are delighted that Standard Chartered has joined our ten members of our Board of Directors to set GDF’s strategic direction. Their leadership will greatly support financial institutions by helping to raise the standards of custody, settlement and brokerage in the crypto and digital asset landscape. “
Standard Chartered has worked with various industry and fintech partners to develop innovative technology and facilitate industry dialogue on digital asset standards. SC Ventures, the Bank’s innovation and enterprise unit, has partnered with Northern Trust to launch Zodia, a cryptocurrency custodian for institutional investors, which was registered with the Financial Conduct Authority in July. It also announced a partnership with BC Group in June 2021 to establish a digital asset brokerage and exchange platform for institutional and corporate clients in the UK and Europe. In addition, the Bank is an active member of various professional and industry associations, working closely with regulators to shape the position of the sector and manage the transition to digital currencies in the financial system.
Copyright Business Recorder, 2021