Japan’s SBI Holdings and Saudi Aramco Explore Digital Asset Investment Collaboration
Summary:
Japan's SBI Holdings and Saudi Arabia's state-owned oil company Saudi Aramco are exploring a partnership for digital asset investment and semiconductor production. The companies signed a memorandum of understanding in December that includes the possibility of identifying Japanese digital asset startups for expansion into Saudi Arabia. This marks another move by SBI Holdings to strengthen its foothold in the Middle East, following a joint venture with SC Ventures in November. SBI Holdings also aims to proliferate digital asset and Web3 services in Japan as per its recent agreement with Circle.
The financial services company based in Japan, SBI Holdings, is contemplating forming a partnership with Saudi Aramco, a state-owned oil company of Saudi Arabia. The collaboration aims at venturing into digital asset investment and initiating semiconductor production schemes. The mutual understanding agreement, which includes creating an operational base for SBI Middle East in Riyadh, was signed by both parties on December 7. Through this collaboration, the firms aim to look into opportunities related to digital asset collaboration and shared investment in their respective digital asset portfolios. It introduces the possibility of identifying budding Japanese digital asset companies willing to venture into the Saudi Arabian market and initiating semiconductor production projects in both nations. "The extent of the partnership could broaden based on mutual consent between the Company and Aramco," the agreement noted. Saudi Aramco is globally recognized as the second-largest business by revenue, following Walmart. The agreement also underscores Saudi Aramco's investment plans to enhance its supply chain. Though cryptocurrency isn't legally endorsed in Saudi Arabia, the nation's governing bodies have shown considerable interest in Web3. The partnership of SBI Holdings with Taiwan-based Powerchip Semiconductor Manufacturing was also featured. This marks another stride by SBI Holdings towards establishing a footprint in the Middle East. In November, it entered a joint venture with British bank Standard Chartered’s fintech investment arm SC Ventures to establish an investment firm in the United Arab Emirates, aiming to invest in various sectors such as market infrastructure, risk management, compliance tools, and consumer payments. SBI Holdings announced its endeavor in Japan to localize TradeFinex’s blockchain with UAE-based TradeFinex in September. SBI Holdings also stands as the largest outside shareholder of Ripple, being an associate since 2018. Additionally, SBI Holdings declared an agreement with Circle in late November, aiming to proliferate USDC and Web3 services in Japan, subject to regulatory approval.
Published At
12/12/2023 12:02:20 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.