Standard Chartered’s fintech investment arm, SC Ventures, is teaming up with the Japanese financial conglomerate SBI Holdings to launch a joint investment company focused on digital assets in the United Arab Emirates. This collaborative effort aims to tap into the growing opportunities within the UAE’s digital asset space.
On November 9, the CEO of SC Ventures, Alex Manson, outlined the objectives of the newly formed joint venture company in a press release. Additionally, the company aims to undertake strategic and minority investments across various domains, including market infrastructure, risk management, compliance tools, decentralized finance (DeFi), tokenization, consumer payments, and the metaverse.
Manson emphasized the region’s evolving status as a fintech hub, attributing it to bolstering infrastructure and a skilled talent pool. Despite this, the joint venture doesn’t confine its scope to the local market alone; instead, it aims to actively seek opportunities within the global landscape of the emerging digital asset ecosystem.
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Furthermore, in May of 2023, Standard Chartered solidified an agreement with the Dubai International Financial Centre. This accord gave the bank the green light to introduce digital asset custody services tailored for its institutional clients globally.
In the previous month, Zodia, an institutional cryptocurrency custody platform resulting from the collaboration between Standard Chartered and SBI Holdings, commenced its operations in Hong Kong. Moreover, Launched in 2021, the venue accommodates 38 cryptocurrencies and has recently expanded its services to Japan, Singapore, and Australia.
Delving into the crypto custody sector, Standard Chartered has noticed the broader spectrum of the digital economy. However, in June, the bank collaborated with PricewaterhouseCoopers China to craft a white paper discussing the applications of central bank digital currency in the Greater Bay Area of China. This region encompasses Guangdong Province, Hong Kong, and Macao.
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