Standard Chartered Ventures Partners with SBI to Establish Digital Asset JV in UAE

Standard Chartered Ventures Partners with SBI to Establish Digital Asset JV in UAE

Standard Chartered’s ventures arm, SC Ventures, has teamed up with Japanese conglomerate SBI Holdings to create a digital asset joint venture in the United Arab Emirates (UAE). This collaboration aims to invest in companies across the digital assets spectrum, including areas such as market infrastructure, risk and compliance tools, tokenization, and consumer payments. With a focus on the growing fintech landscape in the UAE, SC Ventures CEO Alex Manson highlights the region’s strengthening infrastructure and talent as key factors in choosing to establish the joint venture. By leveraging their experience in digital assets and global investments, the partnership aims to shape the future of finance in the UAE and beyond.

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Standard Chartered Ventures Partners with SBI to Establish Digital Asset JV in UAE

Standard Chartered’s ventures arm, SC Ventures, and Japanese conglomerate SBI Holdings have joined forces to establish a digital asset joint venture in the United Arab Emirates (UAE). The joint venture aims to invest in companies across the digital assets spectrum, including market infrastructure, risk and compliance tools, decentralized finance (DeFi), tokenization, consumer payments, and the metaverse.

SC Ventures Collaborates With SBI Holdings

SC Ventures, the ventures arm of Standard Chartered, has announced its collaboration with SBI Holdings to establish a digital asset joint venture investment company in the UAE. The two companies plan to capitalize the venture with $100 million. The joint venture will focus on making investments in companies operating in the digital asset space.

Joint Venture Focuses on Investing in Digital Assets

The digital asset joint venture will primarily focus on investments within the digital assets spectrum. This includes investing in companies involved in market infrastructure, risk and compliance tools, DeFi, tokenization, consumer payments, and the metaverse. The goal is to identify promising opportunities in these areas and support their growth through strategic investments.

UAE Becoming a Hub for Fintechs in the Digital Asset Space

The UAE is quickly emerging as a hub for fintech companies operating in the digital asset space. The country has been actively investing in strengthening its infrastructure and cultivating talent to attract fintech companies. This has created an enabling environment for innovation and growth, making the UAE an attractive destination for both local and international fintech investments.

Leveraging SC Ventures’ Experience in Digital Assets

SC Ventures brings to the joint venture its extensive experience in the digital assets industry. Through its ventures and investments, such as Zodia Custody and Zodia Markets, SC Ventures has gained expertise in digital asset custody and trading. The joint venture will leverage this experience to make informed investment decisions and support the growth of companies operating in the digital asset space.

Digital Asset Joint Venture to Make Global Investments

The scope of the digital asset joint venture’s investment strategy extends beyond the UAE. It aims to make investments globally, seeking out promising opportunities in different markets. By investing in companies at various stages of growth, from seed to Series C funding, the joint venture aims to contribute to the growth and development of the global digital asset ecosystem.

Strategic Relationship Between SBI Holdings and SC Ventures

The collaboration between SBI Holdings and SC Ventures builds on their strategic relationship. SBI Holdings has already made investment forays into SC Ventures’ portfolio companies, including Solv, Zodia Custody, and Myzoi. This close relationship lays the foundation for the joint venture’s success by combining the strengths and expertise of both companies.

Partnership with Dubai International Financial Centre

Standard Chartered has signed a memorandum of understanding with the Dubai International Financial Centre (DIFC) to collaborate in the digital asset space, including digital asset custody. This partnership underscores the importance of regulatory compliance and the secure handling of digital assets. By collaborating with the DIFC, the joint venture can benefit from the DIFC’s regulatory framework and access to a network of financial institutions and fintech companies.

Comments from DIFC Chief Business Development Officer

Salmaan Jaffery, Chief Business Development Officer at the DIFC, congratulated SC Ventures and SBI Holdings on their joint venture. He acknowledged the significance of their initiative and how it contributes to shaping the future of finance. The DIFC recognizes the potential of digital assets and the importance of fostering innovation in this rapidly evolving space.

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Impact of Standard Chartered’s Joint Venture in the UAE

The establishment of the digital asset joint venture by Standard Chartered and SBI Holdings will have a significant impact on the UAE’s fintech landscape. The joint venture’s investments will fuel the growth of digital asset-related businesses in the UAE and contribute to its emergence as a global fintech hub. This partnership demonstrates confidence in the UAE’s potential and its regulatory framework for digital assets.

Feedback and Opinions on the Digital Asset Joint Venture

The announcement of the digital asset joint venture invites public response and input. The community is encouraged to share their thoughts on the strategic collaboration between Standard Chartered and SBI Holdings. The significance of this joint venture is open to discussion, and opinions on the investment strategy and potential outcomes are welcomed. The success of the joint venture will be closely watched, and expectations and predictions for its impact on the digital asset ecosystem will be eagerly discussed.

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