Japanese financial services firm SBI Holdings and Saudi Arabian state-owned oil company Saudi Aramco have signed a memorandum of understanding (MoU) to explore collaboration in digital asset investment and semiconductor production projects. The agreement includes the establishment of SBI Middle East in Riyadh as a base for operations in the region.
Under the MoU, SBI and Saudi Aramco will consider co-investing in digital asset portfolios and identifying Japanese digital asset startups interested in expanding to Saudi Arabia. They also plan to launch semiconductor production projects in both countries. The scope of the alliance may be expanded in the future.
Saudi Aramco, the world’s second-largest corporation by revenue, aims to complement its supply chain through investments mentioned in the MoU. It is worth noting that cryptocurrency is not recognized by legal entities in Saudi Arabia, although the government has shown interest in Web3.
This collaboration is part of SBI Holdings’ efforts to establish a presence in the Middle East. In addition to the partnership with Saudi Aramco, SBI Holdings has recently entered into joint ventures with Standard Chartered’s fintech investment arm SC Ventures and UAE-based TradeFinex.
SBI Holdings is Ripple’s largest outside shareholder and has been a Ripple partner since 2018. The company has also announced an MoU with Circle to boost USDC circulation and Web3 services in Japan, pending regulatory approval.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇯🇵 🇸🇦 🇮🇩 🇵🇠🇦🇪 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | None |
| Companies | Saudi Aramco, Powerchip Semiconductor Manufacturing, SC Ventures, Standard Chartered, SBI Holdings |
| Currencies | None |
| Securities | None |
