A Safe Keeping Receipt (SKR) is a document that a bank issues to certify it is holding a client’s asset in custody. In effect, it’s a proof of ownership and custody – the asset could be physical (like gold, diamonds, artwork) or financial (like a valuable paper certificate). The SKR from Prominence Bank confirms that we have the asset secured in our vaults or with our safekeeping partner, and it details the asset’s description and value. SKRs are often monetizable, meaning you can use them as collateral to secure loans or trade, without selling the underlying asset . With Prominence Bank’s custodial SKR service, you deposit your assets with us (under a Custodial Agreement), and we issue the SKR in your name. You retain ownership of the asset, but now you have a bank-recognized receipt that you can present to potential lenders or counterparties as evidence of collateral. It’s an alternative financing tool – similar in concept to a bank guarantee, except it’s directly tied to a specific asset you own . One key point: the SKR is fully backed by Prominence Bank; we take on the responsibility of safeguarding the asset, and the SKR is only valid as long as the asset remains under our custody.
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