SBI Holdings Considers Partnership with Saudi Aramco
Japanese cryptocurrency financial group SBI Holdings has announced its consideration of a business partnership with Saudi Arabia’s state-owned oil company, Saudi Aramco (SAOC). The partnership aims to involve joint projects such as the establishment of semiconductor factories in Japan and Saudi Arabia, as well as mutual investments in digital asset portfolios. SBI Holdings plans to collaborate with Saudi Aramco in three main areas: cooperation and investments in the cryptocurrency field, support for Japanese crypto startups expanding to Saudi Arabia, and projects related to semiconductors.
SBI’s Initiatives in the Middle East
SBI Holdings has been actively pursuing initiatives in the Middle East, particularly regarding investment funds established in partnership with local entities. The company is also planning to introduce ‘SBI Middle East’ in Riyadh to promote Japanese crypto startups in Saudi Arabia. Additionally, SBI has partnered with Taiwanese chip maker Powerchip Technology Corporation to establish a factory in Japan’s Miyagi Prefecture for semiconductor production.
Saudi Arabia’s Crypto Growth
Saudi Arabia is aiming to become a prominent crypto hub in the Middle East and has already seen significant growth in crypto transactions. According to a report by Chainalysis, the country experienced the highest crypto transaction volume growth over a 12-month period between July 2022 and June 2023. It achieved a 12% year-over-year increase, reaching nearly $31 billion during that period. The Middle East and North Africa (MENA) region was also identified as having the sixth largest crypto economy globally, valued at $390 billion during the same timeframe.
Hot Take: SBI Expands Crypto Influence with Saudi Aramco Partnership
SBI Holdings’ potential partnership with Saudi Aramco signifies its growing influence in the crypto industry. By collaborating on projects related to semiconductors and digital assets, both companies can leverage their expertise and resources to drive innovation and expansion. Moreover, SBI’s focus on promoting Japanese crypto startups in Saudi Arabia aligns with the kingdom’s aim to become a leading crypto hub in the region. With Saudi Arabia’s impressive growth in crypto transactions, this partnership could open up new opportunities for both parties and contribute to the overall development of the global crypto ecosystem.
By
By
By
By
By