In a move to bolster the fintech ecosystem within the United Arab Emirates (UAE), SC Ventures, the innovation and ventures unit of Standard Chartered (OTC:SCBFF), in partnership with Japan's SBI Holdings, has announced the creation of a new investment firm dedicated to digital assets. With an initial capital injection of $100 million, the joint venture aims to be a driving force in the global digital assets sector, focusing on investments from seed to Series C stages.
The newly established firm will target companies that are developing market infrastructure, risk management tools, decentralized finance (DeFi) platforms, tokenization services, consumer payment solutions, and Metaverse-related technologies. Alex Manson, CEO of SC Ventures, highlighted the strategic advantages of the UAE, including its robust regulatory framework, burgeoning infrastructure, and growing pool of talented professionals in the fintech domain.
This move is a continuation of SC Ventures' strategic push into digital assets. Earlier this year, in May 2023, SC Ventures had signed a Memorandum of Understanding (MoU) with Dubai International Financial Centre for collaboration in the digital asset space. The partnership with SBI Holdings is set to further expand their foothold and capitalize on emerging opportunities within this rapidly evolving industry.
Yoshitaka Kitao, Representative Director of SBI Holdings, echoed Manson's sentiments regarding the UAE's potential as a fintech hub and expressed optimism about the venture's capacity to extend their influence in the digital asset market. The collaboration is expected to leverage SC Ventures' prior experiences and investments in ventures such as Zodia Custody and Zodia Markets as well as in prominent fintech firms like Ripple and Metaco.
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