Midchains And Standard Chartered Announce UAE Banking Partnership
The agreement gives MidChains access to banking services for its day-to-day operations, including the cash leg of digital asset transactions. Correspondent banking supports payments across banks, while segregated client money accounts allow client funds to be held separately from the company's own money.
Rola Abu Manneh, Standard Chartered's chief executive for the UAE, Middle East and Pakistan, said the bank's services would support MidChains' institutional activity. MidChains CEO Basil Al Askari said the partnership would help connect the platform's digital asset services to the banking infrastructure institutions already use.
MidChains' UAE licenceDubai's Virtual Assets Regulatory Authority public register lists MidChains FZE as an active virtual asset broker-dealer licensed to serve institutional, qualified and retail investors. MidChains said the banking arrangement supports its institutional services.
Source: MidChains announcement via GlobeNewswire.
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