BlackRock Seeks FDIC Oversight Deadline Extension to March 
Elliott Investment Management Takes Significant Stake in BP to Push for Value Growth 
Crypto Investment Platforms eToro and M2 Granted Approvals to Operate in the UAE 
How the UK’s rollback of banking regulations could risk another financial crisis 
Crypto Markets Surge: Bitcoin, Ethereum, and Solana Lead Gains Amid Economic Optimism 
Delta Air Lines Operates Reduced Flight Schedule as Winter Storm Disrupts U.S. Travel 
Robinhood CEO Vlad Tenev: Blockchain Can Open Private Markets to Retail Investors 
Alchemy Pay Forms Strategic Partnership with Worldpay to Expand Cryptocurrency Payment Channels 
Mastercard's Shopping Muse: A New Era in AI-Driven E-commerce Personalization 
Gold Prices Rise as Markets Await Trump’s Policy Announcements 
Microsoft Wins Approval to Build 15 New Data Centers in Wisconsin 
Apple Downgraded by Jefferies Amid Weak iPhone Sales and AI Concerns 
Mastercard Partners with Reserve Bank of Australia for Groundbreaking CBDC-NFT Trial 
ASML’s EUV Monopoly Powers the Global AI Chip Boom 
Why your retirement fund might soon include cryptocurrency 
Mastercard, NEC Collaborate to Revolutionize Checkout Experiences with Facial Recognition Technology 
UK Politicians Call for Full Competition Review of Netflix’s Warner Bros Discovery Deal 
SC Ventures will collaborate with Japanese financial conglomerate SBI Holdings to establish a "Digital Asset Joint Venture" investment company in the United Arab Emirates (UAE). This partnership aims to capitalize on the growing potential of the digital asset ecosystem globally.
Objectives of the Joint Venture
Alex Manson, CEO of SC Ventures, the fintech investment arm of Standard Chartered, unveiled that the joint venture company will invest in market infrastructure, risk management, and compliance tools, decentralized finance (DeFi), tokenization, consumer payments, and the metaverse.
According to Cointelegraph, Manson emphasized that the decision to establish the joint venture in the UAE stems from its robust infrastructure and talented workforce, positioning the region as a prominent fintech hub. Furthermore, the joint venture aims to explore emerging digital asset opportunities internationally, expanding its reach beyond the local market, as per CoinDesk.
Diversifying Into the Digital Economy
In May 2023, SC Ventures signed a memorandum of understanding with the Dubai International Financial Centre, granting the bank approval to offer digital asset custody services to its institutional clients worldwide. This strategic collaboration solidifies Standard Chartered's commitment to the digital asset industry.
Last month, Standard Chartered and SBI Holdings jointly launched Zodia, an institutional cryptocurrency custody platform, in Hong Kong. Established in 2021, Zodia supports 38 cryptocurrencies and has recently expanded its services to Japan, Singapore, and Australia.
In addition to its involvement in the cryptocurrency custody business, Standard Chartered has demonstrated its interest in the digital economy. The bank partnered with PricewaterhouseCoopers China to publish a white paper on the applications of central bank digital currency in the Greater Bay Area of China, covering Guangdong province, Hong Kong, and Macao.
The establishment of a joint venture between SC Ventures and SBI Holdings signifies a pivotal moment in the development of the digital asset industry. With its strategic investments and global outlook, this joint venture aims to play a leading role in shaping the future of finance.
Photo: Corporate Locations/Unsplash
