SBI and Saudi Aramco unveil plans for mutual digital asset investment

2023-12-11 18:05:01

Japan’s leading cryptocurrency financial group, SBI, and the national oil company of Saudi Arabia, Saudi Aramco, have revealed intentions to explore co-investing in their respective digital asset portfolios, according to a Dec. 11 news release.

As part of this initiative, SBI is set to establish ‘SBI Middle East’ in Riyadh, with the goal of fostering the entry of Japanese digital asset startups into Saudi Arabian markets.

Support for Japanese startups

On Dec. 7, SBI Holdings disclosed the signing of an agreement for a business partnership with Saudi Aramco, which includes consideration for diverse projects, including the establishment of semiconductor factories in both Japan and Saudi Arabia.

The envisioned business alliance between the two entities encompasses three critical areas within advanced technology sectors, such as semiconductors and digital assets, including collaboration and joint investment in the digital asset domain, identification and support of Japanese startups in the digital asset sector seeking expansion in Saudi Arabia, and initiation of ious investment-related projects, including the establishment of semiconductor factories in both Japan and Saudi Arabia

Forging partnerships

Two weeks earlier, SBI Holdings announced another partnership with Circle, the issuer of the second-largest stablecoin, USD Coin (USDC), in which both firms pledged adherence to stablecoin regulations, including communication with authorities

SBI has sought registration as an electronic payment service as another step towards digital asset development.

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