Arab Times

State Street launches digital finance unit


BOSTON, June 15, (Agencies): State Street Corporatio­n announced that it has launched a new division focused on addressing the industry’s evolving shift to digital finance. The new division, State Street Digital, will be led by Nadine Chakar, three-decade industry veteran and executive vice president. Chakar will report to Lou Maiuri, chief operating officer of State Street Corporatio­n.

“The financial industry is transformi­ng to a digital economy, and we see digital assets as one of the most significan­t forces impacting our industry over the next five years,” said Ron O’Hanley, chairman and chief executive officer of State Street Corporatio­n. “Digital assets are quickly becoming integrated into the existing framework of financial services, and it is critical we have the tools in place to provide our clients with solutions for both their traditiona­l investment needs as well as their increased digital needs.”

The new division will build on State Street’s current digital capabiliti­es and will expand to include crypto, central bank digital currency, blockchain, and tokenizati­on. Company’s proprietar­y GlobalLink technology platform will be an integral component of State Street Digital and will be enhanced into a digital multi-asset platform. The objective is to evolve the platform into a multi-asset platform to support crypto assets among other asset classes. The aim will also be to support our peer-to-peer ambitions by creating new liquidity venues for our clients and investors worldwide.

“We have been developing a number of digital capabiliti­es and other solutions as well as partnering and investing in the infrastruc­ture that forms

the foundation of State Street Digital,” said Chakar. “State Street has a major role to play in the evolution of digital market infrastruc­ture and this new division will help us bring our expertise and resources to the conversati­on. As digital currencies and tokenizati­on not only gain momentum, but transform financial infrastruc­ture and operating models, we can help our clients bridge the gap between the industry of today and the one of tomorrow.”

The announceme­nt builds on State Street’s long history of innovation and strong foundation within the

digital servicing space. In 2019, the company launched State Street AlphaSM, the industry’s first front-toback offering based on the principles of openness and interopera­bility. In April of this year, State Street announced that it was appointed as the administra­tor of a planned bitcoin backed exchange traded note (ETN) initiated by Iconic Funds BTC ETN GmbH, a subsidiary of Iconic Funds GmbH. The ETN will be listed on the Frankfurt Stock Exchange, following the approval by the German Securities Regulator (BaFin).

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