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SC Ventures will establish a Digital Asset Joint Venture investment company in partnership with a Japanese financial conglomerate, SBI Holdings.
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SC Ventures, the fintech investment arm of the British bank Standard Chartered, will establish a Digital Asset Joint Venture investment company in the United Arab Emirates (UAE) in partnership with a Japanese financial conglomerate, SBI Holdings.
In the press release from Nov. 9, Alex Manson, the CEO of SC Ventures, revealed the new joint Venture company’s goals:
“[…] 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 highlighted the region’s new role as a hub for fintech due to its strengthening infrastructure and talent. However, the Digital Asset Joint Venture will not limit itself to the regional market but “explore the emerging digital asset ecosystem opportunities globally.”
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In May 2023, Standard Chartered signed a memorandum of understanding with the Dubai International Financial Centre (DIFC), granting the bank approval to launch digital asset custody services for its institutional clients worldwide.
Last month, another joint venture by Standard Chartered and SBI Holdings, the institutional cryptocurrency custody platform Zodia, launched its services in Hong Kong. Established in 2021, the platform supports 38 cryptocurrencies and has recently opened services in Japan, Singapore and Australia.
Diving deep into the crypto custody business, Standard Chartered has not been neglecting the other side of the digital economy. In June, the bank teamed up with PwC China to produce a white paper on applications for central bank digital currency (CBDC) in the so-called Greater Bay Area of China — Guangdong Province, Hong Kong and Macao.
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This article first appeared at Cointelegraph.com News
