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American custodian bank, State Street create Digital finance division

The second-largest custodian bank in the world, State Street has launched a new division dedicated to Digital finance.

Experienced industry expert and executive vice president Nadine Chakar will lead the division named State Street Digital.

Ron O’Hanley, chairman and chief executive officer of the company had this to say about the development.

“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,”

“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.” Mr O’Hanley continued.

Nardine Chakar is regarded as one of the most powerful women in the finance industry.

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Via: American Banker

She believes that the American financial services company (State Street) has a major role to play in the advancement of digital market infrastructure.

“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. He said before adding that they can bridge the gap between their customers and the rapidly changing industry: “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.”

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