Standard Chartered China has secured a domestic fund custody licence from the China Securities Regulatory Commission.

The domestic funds custody licence will enable the bank to participate in and deliver custody-related services to investment products made available by domestic funds and asset managers in the country.

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Standard Chartered global head of securities services at transaction banking Margaret Harwood-Jones said: “With this licence, we are well-positioned to help investors navigate and capitalise on the opportunities in China’s rapidly growing capital market.”

With total market size close to $20 trillion, China is the third largest equity and bond market in the world.

The Asia-focussed bank said that there is a growing demand for more sophisticated investment products and professional services because of the continued expansion of China’s economy and its corresponding growth in personal wealth.

“In addition, the recent pension plan reform and introduction of unified asset management industry guidelines, coupled with the expected introduction of bond futures and other derivatives products, as well as increased participation by international asset managers through set up of Wholly Foreign Owned Enterprises, China’s capital markets will evolve rapidly in terms of scale, diversity and differentiation,” the bank said in its statement.

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Standard Chartered China CEO and executive vice-chairman Jerry Zhang said: “This is a big step forward in the further opening up of China’s domestic financial markets and a testament to our commitment to supporting China’s financial reform and innovation.

Standard Chartered Transaction Banking business’ securities services unit currently holds more than $900bn under custody in 40 markets across Asia, Africa and the Middle East.