Standard Chartered and SBI Holdings Join Forces
Standard Chartered’s ventures arm, SC Ventures, has announced a collaboration with SBI Holdings, a Japanese financial conglomerate. The purpose of this partnership is to establish a Digital Asset Joint Venture investment company in the United Arab Emirates (UAE).
The two companies plan to invest $100 million into the joint venture, focusing on digital assets across various spectrums such as market infrastructure, risk and compliance tools, defi, tokenization, consumer payments, and the metaverse.
The Digital Asset Joint Venture’s Focus
SC Ventures CEO Alex Manson highlighted that the UAE is becoming a hub for fintechs in the digital asset space due to its strengthening infrastructure and talent. The joint venture will leverage SC Ventures’ experience in digital assets through its ventures and investments in companies like Ripple and Metaco.
SBI Holdings CEO Yoshitaka Kitao expressed that this initiative solidifies the strategic relationship between SBI Holdings and SC Ventures following their investment forays into SC Ventures’ portfolio companies.
Strategic Collaboration with DIFC
In May, Standard Chartered signed a memorandum of understanding with the Dubai International Financial Centre (DIFC) to collaborate in the digital asset space, including digital asset custody. Salmaan Jaffery, Chief Business Development Officer at the DIFC, commended SC Ventures and SBI Holdings on their drive to help shape the future of finance as they forge ahead with their first Digital Asset Joint Venture in Dubai International Financial Centre.
Hot Take: Paving the Way for Digital Asset Innovation
This collaboration between Standard Chartered’s ventures arm and SBI Holdings demonstrates a strong commitment to driving innovation in the digital asset space. With a significant investment planned and a focus on various areas within the digital asset spectrum, this joint venture is poised to make an impact in shaping the future of finance globally.
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