Japanese Financial Group SBI and Saudi Aramco Plan to Co-Invest in Digital Assets
Japan’s leading cryptocurrency financial group, SBI, and Saudi Aramco, the national oil company of Saudi Arabia, have announced their intention to explore co-investing in their respective digital asset portfolios. This collaboration aims to foster the entry of Japanese digital asset startups into the Saudi Arabian markets. To facilitate this initiative, SBI will establish ‘SBI Middle East’ in Riyadh.
Supporting Japanese Startups
SBI Holdings recently signed a business partnership agreement with Saudi Aramco, which includes plans for various projects such as the establishment of semiconductor factories in Japan and Saudi Arabia. The alliance between the two entities will focus on advanced technology sectors, including semiconductors and digital assets. It also involves supporting Japanese startups in the digital asset sector seeking expansion in Saudi Arabia.
Forging Partnerships
Prior to this collaboration, SBI Holdings partnered with Circle, the issuer of the second-largest stablecoin USD Coin (USDC). Both companies pledged to comply with stablecoin regulations and maintain communication with authorities. SBI is also seeking registration as an electronic payment service as part of its efforts in digital asset development.
Hot Take: Expanding Opportunities for Japanese Startups in Saudi Arabia
By joining forces with Saudi Aramco, SBI is creating new avenues for Japanese startups to expand their presence in Saudi Arabia’s digital asset market. This collaboration not only facilitates investment opportunities but also promotes technological advancements in sectors like semiconductors. With SBI’s expertise in cryptocurrencies and Saudi Aramco’s influence as a national oil company, this partnership has the potential to drive significant growth and innovation within the digital asset landscape.
By
By
By
By