Saturday, February 24, 2024

Northern Trust Partners with NUS to Advance Blockchain for Institutional Investors

Nasdaq listed company Northern Trust (NTRS), the National University of Singapore’s School of Computing (NUS Computing), and the Asian Institute of Digital Finance (NUS AIDF) have announced a series of initiatives aimed at shaping the future of blockchain for institutional investors.

Northern Trust, a leading provider of wealth management, asset servicing, asset management, and banking services, has a global presence with offices in 25 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East, and the Asia-Pacific region.

On 23 June 2022, Northern Trust established a new group, the Digital Assets and Financial Markets group, to support the rapidly growing digital asset markets and traditional securities services markets. The group, led by Justin Chapman, aims to address the evolving needs of both digital and traditional marketplaces.

As of March 31, 2023, Northern Trust had assets under custody/administration of US$14.2 trillion, and assets under management of US$1.3 trillion.

The strategic partnership comprises a joint research project titled “Custody in the age of digital assets.” This project explores various methods for maintaining control and possession of digital assets on third-party blockchains, and strategies for clients to achieve a real-time view of assets across digital and traditional markets. The research is part of the Singapore Blockchain Innovation Programme (SBIP), a national-level partnership anchored at NUS Computing, which investigates the institutional use of blockchain and the application of new technology in the banking industry.

The collaboration also includes a Memorandum of Understanding (MoU) with NUS AIDF, signifying Northern Trust’s commitment to fostering the Fintech ecosystem in Singapore. Northern Trust is currently mentoring Insightic, a RegTech start-up incubated at AIDF, focusing on risk assessment for Web 3.0-based virtual asset service providers. With its expertise in blockchain, Northern Trust is assisting the start-up in refining their product-market fit and go-to-market strategies.

Additionally, Northern Trust and NUS Computing have agreed to offer an industry-linked internship opportunity to a student in the Master of Digital Fintech program. This five-month program will expose the intern to the critical market advocacy and digital development work that Northern Trust is leading in the Asia-Pacific region.

Justin Chapman, Global Head of Digital Assets and Financial Markets at Northern Trust, stated that the partnership with NUS is a significant step in their strategy to provide thought leadership and develop future leaders who will shape the industry.

Northern Trust’s Digital Assets and Financial Markets is the bank’s single group unifying digital and traditional market functions. It focuses on helping clients navigate the rapidly evolving digital markets and the challenges of investing in digital assets alongside allocations to more traditional asset classes.

Image source: Shutterstock

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