Latest news with #HongFang
Finextra
3 days ago
- Business
- Finextra
Standard Chartered and OKX launch collateral mirroring programme
Standard Chartered and OKX, a leading cryptocurrency exchange and global onchain technology company, today announced the launch of a ground-breaking, world-leading collateral mirroring programme, enabling institutional clients to utilise cryptocurrencies and tokenised money market funds as off-exchange collateral for trading. 0 This initiative significantly enhances security and capital efficiency for institutional clients by using a Globally Systemically Important Bank (G-SIB) as the custodian for their collateral. Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered said: 'We understand the critical importance of robust and secure custody solutions, especially in the evolving digital asset landscape, and our collaboration with OKX to enable the use of cryptocurrencies and tokenised money market funds as collateral represents a significant step forward in providing institutional clients with the confidence and efficiency they need. By leveraging our established custody infrastructure, we are ensuring the highest standards of security and regulatory compliance, fostering greater trust in the digital asset ecosystem.' The collateral mirroring capability has been launched as a Pilot within the Dubai Virtual Asset Regulatory Authority's (VARA) regulatory framework, and it allows clients to benefit from enhanced protection against counterparty risk, a significant concern in the current digital asset markets. Standard Chartered acts as the independent, regulated custodian in the Dubai International Financial Centre (DIFC), regulated by the Dubai Financial Services Authority, ensuring the safe storage of the assets used as collateral, while OKX through its VARA regulated entity, manages collateral and facilitates transactions. Franklin Templeton will be the first in a series of money market funds that will be offered under the OKX-SCB programme. Hong Fang, President of OKX, said: 'As the digital assets ecosystem becomes more ingrained within traditional finance, we strive to both drive growth and safeguard client assets in the most capital efficient manner. By leveraging Standard Chartered's position as a top custodian globally, as well as OKX's market leadership in cryptocurrency trading, the partnership sets an industry standard for current and potential institutional clients to deploy trading capital at scale in a trusted environment.' Franklin Templeton, a recognised leader in tokenisation and real world assets (RWA), continues to innovate by leveraging blockchain technology to deliver cutting-edge solutions to customers and clients. Through this collaboration, OKX clients will gain access to on-chain assets developed by Franklin Templeton's Digital Assets Team, seamlessly integrating them into their financial and operational structures. Roger Bayston, Franklin Templeton Head of Digital Assets, says: 'Leveraging blockchain technology, our platform is built to support the dynamic and ever-evolving financial ecosystem. We take an authentic approach, from directly investing in blockchain assets to developing innovative solutions with our in-house team. By ensuring assets are minted on-chain, we enable true ownership, allowing them to move and settle at blockchain speed - eliminating the need for traditional infrastructure.' Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, a leading global alternative investment manager, is among the first few institutions to onboard onto this pioneering programme, highlighting the importance of such capabilities being offered by a leading international cross-border bank and a highly reputable global exchange. Ryan Taylor, Group Head of Compliance at Brevan Howard and CAO of Brevan Howard Digital, commented: 'This programme is the latest example of the continued innovation and institutionalisation of the industry. As a significant investor in the digital assets space, we are thrilled to partner with industry leaders to further grow and evolve the crypto ecosystem globally.'
Arabian Post
28-04-2025
- Business
- Arabian Post
Mastercard Advances Stablecoin Payments with New Global System
Mastercard has moved to expand its digital asset footprint by unveiling a stablecoin-powered global payment system that aims to bridge traditional finance with blockchain technology. The initiative incorporates wallet integration, card issuance, merchant settlement, and on-chain remittances, signalling a major endorsement for stablecoins within mainstream financial services. The payments giant will partner with OKX to launch the OKX Card, offering users the ability to spend crypto assets seamlessly through Mastercard's established infrastructure. The collaboration is positioned to provide cardholders with the option to convert their digital holdings into fiat currency at the point of sale, utilising USDC stablecoins to facilitate transactions in real time. Mastercard's broader collaboration also includes Circle, Nuvei, and Paxos, three key players in the stablecoin and blockchain space. The strategy centres on enabling direct merchant settlement using stablecoins, starting with USDC. The move is expected to accelerate merchant acceptance of digital currencies by eliminating the need for fiat conversions and complex intermediary processes. Raj Dhamodharan, Mastercard's head of crypto and blockchain, stated that the company is building a 'future-proof' payments ecosystem that integrates digital assets responsibly and securely. He emphasised that Mastercard's framework would ensure compliance with existing regulations and uphold strong consumer protection measures while offering the benefits of blockchain efficiencies. By embedding stablecoins into payment rails, Mastercard is seeking to address long-standing challenges that have limited wider adoption of digital currencies, including volatility, liquidity management, and interoperability between financial systems. Stablecoins, which are typically pegged to fiat currencies like the US dollar, offer price stability that traditional cryptocurrencies like Bitcoin do not, making them more suitable for everyday transactions. The OKX Card is expected to launch initially in select markets, with expansion plans to follow based on regulatory approvals and market demand. OKX's president Hong Fang described the partnership as a 'game-changer' that will 'empower millions to experience the future of payments today.' The card will allow users to link their crypto wallets directly and spend their digital assets without the need to manually convert them into fiat beforehand. Mastercard's collaboration with Circle is particularly noteworthy as Circle's USDC stablecoin is widely regarded for its regulatory compliance and transparency. Circle CEO Jeremy Allaire welcomed the partnership, highlighting that direct merchant settlement in USDC would reduce transaction costs, enhance speed, and provide greater transparency across payment processes. Nuvei and Paxos will contribute to strengthening the backend settlement capabilities. Nuvei, a global payment technology firm, brings extensive experience in integrating alternative payment methods for merchants, while Paxos, a regulated blockchain infrastructure platform, provides trusted stablecoin issuance and custody solutions. This new framework comes at a time when global financial institutions are increasingly exploring digital currencies. The Bank for International Settlements reported an upsurge in central bank digital currency projects globally, with a growing focus on how stablecoins and blockchain could complement traditional payment systems rather than disrupt them. Mastercard has been experimenting with blockchain and digital assets for several years, conducting pilot programmes with various crypto companies and financial institutions. The company's partnership with the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre on a central bank digital currency pilot was another key step illustrating its commitment to innovating responsibly within the space. Mastercard's stablecoin settlement model follows a successful pilot in Australia, where live transactions using USDC and Mastercard's network proved the technical viability and regulatory feasibility of using stablecoins for real-world transactions. The pilot included collaboration with Cuscal and Mintable, showcasing the ability to settle card transactions directly on blockchain networks. Through these developments, Mastercard appears to be positioning itself as a leader among traditional financial service providers seeking to integrate blockchain into their core offerings. This approach not only supports digital asset adoption but also builds bridges between traditional payment providers and emerging decentralised finance ecosystems. Industry analysts note that Mastercard's entry into stablecoin-powered payments could force other major payment processors to accelerate their blockchain strategies. Visa, which has been running its own stablecoin settlement pilots, will likely view Mastercard's moves as a call to action to deepen its blockchain integration efforts to remain competitive. There are challenges ahead, particularly regarding regulatory clarity. Stablecoins have come under increasing scrutiny from regulators concerned about financial stability, money laundering, and consumer protection risks. Mastercard has indicated that its stablecoin programme will operate within regulated frameworks, ensuring that only stablecoins backed by transparent and compliant reserves are included. The initiative also highlights growing merchant interest in accepting digital currencies without bearing volatility risks. Direct stablecoin settlement allows merchants to receive payment in a stable asset without relying on third-party crypto-to-fiat conversion services, streamlining operations and reducing costs. As stablecoins continue to evolve beyond speculative assets into functional financial tools, Mastercard's system reflects an understanding that digital currencies must serve real-world use cases to achieve mainstream adoption. The company's ability to integrate stablecoin technology with traditional card networks could significantly alter how digital assets are used in daily commerce. Mastercard's latest announcement also underlines a broader industry shift toward interoperability. By supporting transactions across multiple blockchain networks and integrating with different stablecoin issuers, Mastercard aims to create a unified ecosystem where users, merchants, and financial institutions can interact seamlessly across both traditional and digital finance landscapes. Arabian Post – Crypto News Network
Gulf Business
14-04-2025
- Business
- Gulf Business
Standard Chartered, OKX roll out crypto collateral pilot in Dubai
Image credit: Getty Images Banking giant Standard Chartered and global crypto exchange OKX have launched a pilot programme in Dubai that could reshape how institutional investors trade digital assets. The new collateral mirroring programme allows institutions to use cryptocurrencies and tokenised money market funds as collateral for trading, without moving those assets onto an exchange. This reduces counterparty risk, a major concern in the crypto world, and enhances capital efficiency for large investors. It's the first such initiative to bring together a major global bank, a regulated crypto platform and a traditional asset manager to support secure crypto trading for institutions. The pilot is being rolled out under the regulatory oversight of Dubai's Virtual Asset Regulatory Authority (VARA), making it one of the most prominent real-world implementations of regulated digital finance in the region. Hong Fang, president of OKX, summed it up:'As the digital assets ecosystem becomes more ingrained within traditional finance, we strive to both drive growth and safeguard client assets in the most capital efficient manner. By leveraging Standard Chartered's position as a top custodian globally, as well as OKX's market leadership in cryptocurrency trading, the partnership sets an industry standard for current and potential institutional clients to deploy trading capital at scale in a trusted environment.' Using crypto as collateral Under the programme, Standard Chartered acts as the regulated custodian. The bank holds the collateral securely in the Dubai International Financial Centre (DIFC), while OKX facilitates trading activity through its VARA-regulated entity. Speaking about the launch, Margaret Harwood-Jones, global head of financing and securities services at Standard Chartered, said: 'We understand the critical importance of robust and secure custody solutions, especially in the evolving digital asset landscape, and our collaboration with OKX to enable the use of cryptocurrencies and tokenised money market funds as collateral represents a significant step forward in providing institutional clients with the confidence and efficiency they need.' She added that the bank is 'ensuring the highest standards of security and regulatory compliance, fostering greater trust in the digital asset ecosystem.' Backed by Franklin Templeton, Brevan Howard Digital One of the major components of the pilot is the inclusion of tokenised money market funds provided by Franklin Templeton, a traditional asset management giant with $1.58tn in assets under management. Roger Bayston, head of digital assets at Franklin Templeton, said: 'By ensuring assets are minted on-chain, we enable true ownership, allowing them to move and settle at blockchain speed – eliminating the need for traditional infrastructure.' This effectively turns traditional, low-risk financial products such as money market funds into on-chain assets that can be integrated into digital finance workflows. Also onboard is Brevan Howard Digital, the crypto arm of the global hedge fund. The firm is among the first institutional players to participate. Ryan Taylor, group head of compliance at Brevan Howard and CAO of Brevan Howard Digital, said: 'This programme is the latest example of the continued innovation and institutionalisation of the industry. As a significant investor in the digital assets space, we are thrilled to partner with industry leaders to further grow and evolve the crypto ecosystem globally.'
Khaleej Times
13-04-2025
- Business
- Khaleej Times
Standard Chartered and OKX launch collateral mirroring programme
Standard Chartered and OKX, a leading cryptocurrency exchange and global onchain technology company, have announced the launch of a collateral mirroring programme, enabling institutional clients to utilise cryptocurrencies and tokenised money market funds as off-exchange collateral for trading. This initiative aims to enhance security and capital efficiency for institutional clients by using a globally systemically important bank (G-SIB) as the custodian for their collateral. The collateral mirroring capability has been launched as a pilot within the Dubai Virtual Asset Regulatory Authority's (VARA) regulatory framework, and it allows clients to benefit from enhanced protection against counterparty risk, a significant concern in the current digital asset markets. Standard Chartered acts as the independent, regulated custodian in the Dubai International Financial Centre (DIFC), regulated by the Dubai Financial Services Authority, ensuring the safe storage of the assets used as collateral, while OKX through its VARA regulated entity, manages collateral and facilitates transactions. Franklin Templeton will be the first in a series of money market funds that will be offered under the OKX-SCB programme. Margaret Harwood-Jones, global head of financing and securities services at Standard Chartered said: 'We understand the critical importance of robust and secure custody solutions, especially in the evolving digital asset landscape, and our collaboration with OKX to enable the use of cryptocurrencies and tokenised money market funds as collateral represents a significant step forward in providing institutional clients with the confidence and efficiency they need. By leveraging our established custody infrastructure, we are ensuring the highest standards of security and regulatory compliance, fostering greater trust in the digital asset ecosystem.' Hong Fang, president of OKX, said: 'As the digital assets ecosystem becomes more ingrained within traditional finance, we strive to both drive growth and safeguard client assets in the most capital efficient manner. By leveraging Standard Chartered's position as a top custodian globally, as well as OKX's market leadership in cryptocurrency trading, the partnership sets an industry standard for current and potential institutional clients to deploy trading capital at scale in a trusted environment.' Through this collaboration, OKX clients will gain access to on-chain assets developed by Franklin Templeton's digital assets team. Roger Bayston, Franklin Templeton Head of Digital Assets, said: 'Leveraging blockchain technology, our platform is built to support the dynamic and ever-evolving financial ecosystem. We take an authentic approach, from directly investing in blockchain assets to developing innovative solutions with our in-house team. By ensuring assets are minted on-chain, we enable true ownership, allowing them to move and settle at blockchain speed – eliminating the need for traditional infrastructure.' Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, a leading global alternative investment manager, is among the first few institutions to onboard onto this pioneering programme, highlighting the importance of such capabilities being offered by a leading international cross-border bank and a highly reputable global exchange. Ryan Taylor, Group Head of Compliance at Brevan Howard and CAO of Brevan Howard Digital, commented: 'This programme is the latest example of the continued innovation and institutionalisation of the industry. As a significant investor in the digital assets space, we are thrilled to partner with industry leaders to further grow and evolve the crypto ecosystem globally.'
Zawya
10-04-2025
- Business
- Zawya
Standard Chartered and OKX launch world-leading collateral mirroring programme
The programme will see leading institutions, such as Brevan Howard Digital, onboard onto this pioneering programme. London, Dubai – Standard Chartered and OKX, a leading cryptocurrency exchange and global onchain technology company, today announced the launch of a ground-breaking, world-leading collateral mirroring programme, enabling institutional clients to utilise cryptocurrencies and tokenised money market funds as off-exchange collateral for trading. This initiative significantly enhances security and capital efficiency for institutional clients by using a Globally Systemically Important Bank (G-SIB) as the custodian for their collateral. Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered said: 'We understand the critical importance of robust and secure custody solutions, especially in the evolving digital asset landscape, and our collaboration with OKX to enable the use of cryptocurrencies and tokenised money market funds as collateral represents a significant step forward in providing institutional clients with the confidence and efficiency they need. By leveraging our established custody infrastructure, we are ensuring the highest standards of security and regulatory compliance, fostering greater trust in the digital asset ecosystem.' The collateral mirroring capability has been launched as a Pilot within the Dubai Virtual Asset Regulatory Authority's (VARA) regulatory framework, and it allows clients to benefit from enhanced protection against counterparty risk, a significant concern in the current digital asset markets. Standard Chartered acts as the independent, regulated custodian in the Dubai International Financial Centre (DIFC), regulated by the Dubai Financial Services Authority, ensuring the safe storage of the assets used as collateral, while OKX through its VARA regulated entity, manages collateral and facilitates transactions. Franklin Templeton will be the first in a series of money market funds that will be offered under the OKX-SCB programme. Hong Fang, President of OKX, said: "As the digital assets ecosystem becomes more ingrained within traditional finance, we strive to both drive growth and safeguard client assets in the most capital efficient manner. By leveraging Standard Chartered's position as a top custodian globally, as well as OKX's market leadership in cryptocurrency trading, the partnership sets an industry standard for current and potential institutional clients to deploy trading capital at scale in a trusted environment. Franklin Templeton, a recognised leader in tokenisation and real world assets (RWA), continues to innovate by leveraging blockchain technology to deliver cutting-edge solutions to customers and clients. Through this collaboration, OKX clients will gain access to on-chain assets developed by Franklin Templeton's Digital Assets Team, seamlessly integrating them into their financial and operational structures. Roger Bayston, Franklin Templeton Head of Digital Assets, says 'Leveraging blockchain technology, our platform is built to support the dynamic and ever-evolving financial ecosystem. We take an authentic approach, from directly investing in blockchain assets to developing innovative solutions with our in-house team. By ensuring assets are minted on-chain, we enable true ownership, allowing them to move and settle at blockchain speed – eliminating the need for traditional infrastructure.' Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, a leading global alternative investment manager, is among the first few institutions to onboard onto this pioneering programme, highlighting the importance of such capabilities being offered by a leading international cross-border bank and a highly reputable global exchange. Ryan Taylor, Group Head of Compliance at Brevan Howard and CAO of Brevan Howard Digital, commented: 'This programme is the latest example of the continued innovation and institutionalisation of the industry. As a significant investor in the digital assets space, we are thrilled to partner with industry leaders to further grow and evolve the crypto ecosystem globally.' For further information, please contact: Wasim Benkhadra Head of Communications, UAE, ME & Pakistan and Africa Corporate & Investment Banking Communications Lead Standard Chartered Kate Matthews Communications Director, Europe Standard Chartered About OKX OKX is a leading global crypto exchange. Trusted by more than 60 million global users, OKX is known for being one of the fastest and most reliable crypto apps in the world. As a top brand partner of English Premier League champions Manchester City FC, McLaren Formula 1 and Olympian Scotty James, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3. OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis. To learn more about OKX, download our app or visit: About Brevan Howard Digital Brevan Howard Digital ('BH Digital') is the dedicated crypto and digital asset division of Brevan Howard, providing institutional investors access to the wide range of diverse opportunities presented by the structural disruption and innovation of blockchain technology. BH Digital offers unconstrained, alpha-centric, and diversified exposure to investment opportunities across the digital asset ecosystem via a multi-manager, multi-strategy approach across both private and public markets. The 60+ member team manages more than $2bn and operates in 8 offices worldwide. For more information, visit About Franklin Templeton Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.58 trillion in assets under management as of February 28, 2025. For more information, please visit and follow us on LinkedIn, X and Facebook. All investments, including money funds, involve risk, including loss of principal. There are risks associated with the issuance, redemption, transfer, custody, and record keeping of shares maintained and recorded primarily on a blockchain. For example, shares that are issued using blockchain technology would be subject to risks, including the following: blockchain is a rapidly-evolving regulatory landscape, which might result in security, privacy or other regulatory concerns that could require changes to the way transactions in the shares are recorded. About Standard Chartered We are a leading international banking group, with a presence in 53 of the world's most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges. For more stories and expert opinions please visit Insights at Follow Standard Chartered on X, LinkedIn, Instagram and Facebook.
