State Street Corporation (NYSE: STT) 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, a 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,” says 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 tokenisation. Its 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,” says 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 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.”
