Emirates NBD, one of the United Arab Emirates’ leading banks, recently disclosed that it had invested in Zodia Custody, a digital asset custodian. The investment was made through the bank’s corporate venture fund, known as the Innovation Fund.

According to a statement, Emirates NBD’s investment, the amount of which was not disclosed, is a significant step forward for the London-headquartered digital asset custodian. The statement added that it reinforces Zodia Custody’s vision for the future of digital assets.

Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, said the investment showcases the bank’s desire to create a safe platform. Hadi added that the investment underlines Emirates NBD’s eagerness to support emerging technologies by bridging the gap between financial services and digital assets.

“Our investment is significant in light of the UAE’s progressive approach to digital asset regulation and its ambition to become a global innovation and technology hub. Additionally, it aligns with the Dubai Economic Agenda D33 that envisages the Emirate among the top four global financial hubs and a preferred capital market in the Middle East, Africa, and South Asia region,” Hadi said.

Fellow Emirates NBD executive Neeraj Makin said the bank’s investment in Zodia, which is owned by Standard Chartered Bank’s venture arm, positions the UAE bank at the forefront of digital asset innovation.

Meanwhile, Julian Sawyer, CEO of Zodia Custody, is quoted in the statement as saying that the UAE bank’s investment marks the fifth time a financial institution has expressed confidence in the custody firm’s business proposition.

“Emirates NBD’s investment marks the fifth TradFi institution supporting our Digital Assets venture Zodia Custody. As we build an ecosystem of infrastructure to operate Digital Assets at institutional grade, we are grateful for this recognition, and support and most importantly look forward to our partnership,” Alex Manson, CEO of Standard Chartered Ventures, said.

According to the statement, the Innovation Fund aims to support the UAE bank’s growth by investing in early- and growth-stage companies. They added that this will help the bank stay ahead of industry trends, including disruptions, and continue providing customers with the best digital experiences.

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