Home Altcoins News Standard Chartered’s Fintech Arm Forays Into UAE with SBI Holdings Partnership

Standard Chartered’s Fintech Arm Forays Into UAE with SBI Holdings Partnership

UAE

In a groundbreaking move that signifies the ever-evolving landscape of financial technology, Standard Chartered’s fintech investment arm, SC Ventures, has unveiled plans to establish a pioneering Digital Asset Joint Venture investment company in the United Arab Emirates. This ambitious endeavor is set to be undertaken in partnership with the esteemed Japanese financial conglomerate, SBI Holdings. The move is a testament to the growing prominence of digital assets in the global financial sector.

Alex Manson, the CEO of SC Ventures, recently disclosed the objectives of this promising joint venture. Manson articulated that the company aims to make strategic and minority investments in a diverse range of sectors, including market infrastructure, risk management and compliance tools, DeFi (Decentralized Finance), tokenization, consumer payments, and the tantalizing world of the metaverse.

This strategic partnership takes into account the UAE’s burgeoning significance as a fintech hub, driven by its continuous infrastructure development and the availability of a talented workforce. Nevertheless, the Digital Asset Joint Venture’s scope is not confined to the regional market. It harbors intentions of exploring emerging opportunities within the global digital asset ecosystem, hinting at a future that transcends geographical borders.

Standard Chartered, a stalwart in the banking sector, has been at the forefront of embracing the digital revolution. In May 2023, the institution inked a memorandum of understanding with the Dubai International Financial Centre (DIFC), a move that granted the bank approval to provide digital asset custody services to its institutional clients on a global scale. This strategic move underscores the bank’s commitment to staying ahead in the evolving financial landscape.

Just last month, another noteworthy collaboration between Standard Chartered and SBI Holdings bore fruit in the form of the institutional cryptocurrency custody platform known as Zodia. Launched in 2021, Zodia now offers support for a staggering 38 cryptocurrencies and has recently expanded its services to key global financial hubs such as Hong Kong, Japan, Singapore, and Australia.

While Standard Chartered has indeed delved deep into the cryptocurrency custody business, the bank has also been actively exploring the broader realm of the digital economy. In June, it partnered with PwC China to co-author a comprehensive white paper outlining potential applications for central bank digital currencies (CBDC) within the so-called Greater Bay Area of China, encompassing Guangdong Province, Hong Kong, and Macao.

The establishment of the Digital Asset Joint Venture investment company in the UAE signifies a significant milestone in the ongoing convergence of traditional banking and digital finance. It highlights the recognition of the transformative potential of digital assets and the urgency for established financial institutions to adapt to this new era.

Read more about:
Share on

Pankaj K

Pankaj is a skilled engineer with a passion for cryptocurrencies and blockchain technology. With over five years of experience in digital marketing, Pankaj is also an avid investor and trader in the crypto sphere. As a devoted fan of the Klever ecosystem, he strongly advocates for its innovative solutions and user-friendly wallet, while continuing to appreciate the Cardano project. Like my work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

Crypto newsletter

Get the latest Crypto & Blockchain News in your inbox.

By clicking Subscribe, you agree to our Privacy Policy.

Get the latest updates from our Telegram channel.

Telegram Icon Join Now ×