State Street launches new digital finance division
10 June 2021 US
Image: Lubo Ivanko/adobe.stock.com
State Street has launched State Street Digital, a new division focused on addressing the industry鈥檚 evolving shift to digital finance.
The new division will build on State Street鈥檚 current digital capabilities and will expand to include crypto, central bank digital currency, blockchain, and tokenisation.
Meanwhile, State Street鈥檚 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, and to support peer-to-peer ambitions by creating new liquidity venues for clients and investors worldwide.
Nadine Chakar, executive vice president at State Street, will take on the reins of leading the new division. She will report to Lou Maiuri, chief operating officer of State Street.
The move builds on State Street鈥檚 acceleration within the digital servicing space. In April this year, .
In addition, as part of State Street鈥檚 succession planning, Tony Bisegna has been appointed as head of global markets, effective 1 September 2021.
鈥淭he 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,鈥� comments Ron O鈥橦anley, chairman and CEO of State Street.
O鈥橦anely explains: 鈥淒igital 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.鈥�
Chakar adds: 鈥淪tate 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.鈥�
鈥淎s digital currencies and tokenisation 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.鈥�
The new division will build on State Street鈥檚 current digital capabilities and will expand to include crypto, central bank digital currency, blockchain, and tokenisation.
Meanwhile, State Street鈥檚 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, and to support peer-to-peer ambitions by creating new liquidity venues for clients and investors worldwide.
Nadine Chakar, executive vice president at State Street, will take on the reins of leading the new division. She will report to Lou Maiuri, chief operating officer of State Street.
The move builds on State Street鈥檚 acceleration within the digital servicing space. In April this year, .
In addition, as part of State Street鈥檚 succession planning, Tony Bisegna has been appointed as head of global markets, effective 1 September 2021.
鈥淭he 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,鈥� comments Ron O鈥橦anley, chairman and CEO of State Street.
O鈥橦anely explains: 鈥淒igital 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.鈥�
Chakar adds: 鈥淪tate 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.鈥�
鈥淎s digital currencies and tokenisation 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.鈥�
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