SC Ventures to Establish Digital Asset Joint Venture in UAE with SBI Holdings
SC Ventures, the fintech investment arm of British bank Standard Chartered, has announced plans to establish a “Digital Asset Joint Venture” investment company in the United Arab Emirates in partnership with Japanese financial conglomerate, SBI Holdings.
According to a press release from Nov. 9, Alex Manson, the CEO of SC Ventures, stated that the new joint venture company aims “[…] to make strategic and minority investments in areas such as market infrastructure, risk management and compliance tools, DeFi, tokenization, consumer payments, and the metaverse.
Manson also highlighted the region’s growing role as a hub for fintech, citing its strengthening infrastructure and talent pool. He noted that while the joint venture will focus on the regional market, it will also “explore the emerging digital asset ecosystem opportunities globally.”
In a related development, in May 2023, Standard Chartered signed a memorandum of understanding with the Dubai International Financial Centre to launch digital asset custody services for its institutional clients worldwide.
Furthermore, another joint venture by Standard Chartered and SBI Holdings, institutional cryptocurrency custody platform Zodia, recently launched its services in Hong Kong. The platform supports 38 cryptocurrencies and has expanded its services to Japan, Singapore, and Australia.
Additionally, Standard Chartered has been actively involved in the digital economy, collaborating with PricewaterhouseCoopers China to produce a white paper on applications for central bank digital currency in the Greater Bay Area of China, which includes Guangdong province, Hong Kong, and Macao.
These strategic moves underscore the commitment of SC Ventures and Standard Chartered to capitalize on the opportunities presented by the digital asset ecosystem and emerging trends in the fintech space.
Sources:
– SCVentures.io: SC Ventures, SBI Holdings to partner in setting up a digital asset joint venture in UAE
– SC.com: Standard Chartered to launch digital asset custody services in the UAE
– Cointelegraph.com: Standard Chartered, PwC make case for programmable CBDC in China’s Greater Bay Area
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