Standard Chartered’s SC Ventures Partners With SBI to Establish Digital Asset Joint Venture in UAE

Standard Chartered’s ventures arm, SC Ventures, and Japanese conglomerate SBI Holdings are collaborating to found a integer plus associated task successful the United Arab Emirates (UAE). “The associated task volition absorption connected investing successful companies crossed the integer assets spectrum including marketplace infrastructure, hazard and compliance tools, defi, tokenization, user payments, and the metaverse,” SC Ventures described.

SC Ventures Collaborates With SBI Holdings

SC Ventures, Standard Chartered’s ventures arm, announced Thursday that it is partnering with SBI Holdings, a Japanese fiscal conglomerate, to “establish a Digital Asset Joint Venture concern institution successful the United Arab Emirates (UAE).”

Noting that the 2 companies “intend to capitalize the conveyance with $100 million,” the announcement details:

The associated task volition absorption connected investing successful companies crossed the integer assets spectrum including marketplace infrastructure, hazard and compliance tools, defi, tokenization, user payments, and the metaverse.

SC Ventures CEO Alex Manson explained that the UAE “is accelerated becoming a hub for fintechs successful the integer plus abstraction owed to its strengthening infrastructure and talent.” He noted that the associated task volition leverage SC Ventures’ acquisition successful integer assets done its ventures, specified arsenic Zodia Custody and Zodia Markets, and done its investments successful companies similar Ripple and Metaco. The announcement notes that the Digital Asset Joint Venture plans “to marque investments ranging from effect to Series C backing with a absorption connected investing globally.”

SBI Holdings CEO Yoshitaka Kitao opined: “This inaugural further solidifies the strategical narration betwixt SBI Holdings and SC Ventures pursuing our concern forays into SC Ventures’ portfolio companies including Solv, Zodia Custody and Myzoi.”

Standard Chartered signed a memorandum of knowing with the Dubai International Financial Centre (DIFC), a peculiar economical zone, successful May to collaborate successful the integer plus space, including integer plus custody. Salmaan Jaffery, Chief Business Development Officer astatine the DIFC, commented:

We congratulate SC Ventures and SBI Holdings connected their thrust to assistance signifier the aboriginal of concern arsenic they forge up with their archetypal Digital Asset Joint Venture successful Dubai International Financial Centre.

What bash you deliberation astir Standard Chartered’s SC Ventures joining forces with SBI Holdings to acceptable up a integer plus associated task successful the UAE? Let america cognize successful the comments conception below.