Standard Chartered Teams Up with SBI for a UAE-based Digital Asset Joint Venture
Summary:
Standard Chartered's fintech division SC Ventures is set to create a Digital Asset Joint Venture in the UAE, teaming up with Japanese finance giant SBI Holdings. The new entity will seek to invest in areas like DeFi, tokenization, and consumer payments. In addition, Standard Chartered is expanding its global digital asset custody services, and exploring applications for the central bank's digital currency in China's Greater Bay Area.
Britsh bank Standard Chartered's fintech branch, SC Ventures, is set to form a Digital Asset Joint Venture Investment Corporation in the United Arab Emirates (UAE) in collaboration with SBI Holdings, a Japanese finance giant. The announcement on November 9 unveiled the purpose of this new venture: to make strategic and minority investments in infrastructure, risk management tools, DeFi, tokenization, consumer payments, and the metaverse. SC Ventures CEO, Alex Manson, stressed the region's increasing prominence as a fintech hub due to enhanced infrastructure and expertise. Nevertheless, the Digital Asset Joint Venture will not restrict itself to regional markets, instead scouting for opportunities in the global digital asset ecosystem.
In May 2023, Standard Chartered entered an agreement with the Dubai International Financial Centre (DIFC), earning the bank permission to offer digital asset custody services to its global institutional clientele. The following month, a venture combining the forces of Standard Chartered and SBI Holdings, Zodia (an institutional cryptocurrency custody platform), began providing services in Hong Kong. Zodia, founded in 2021, now supports 38 digital currencies and recently expanded its services to Japan, Singapore, and Australia.
Standard Chartered has not overlooked the broader digital economy while deepening its involvement in crypto custody. In June, the bank collaborated with PwC China to publish a white paper on potential uses for the central bank's digital currency (CBDC) in China's Greater Bay Area, including regions such as Guangdong Province, Hong Kong, and Macao.
Published At
11/9/2023 9:38:59 AM
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