PayPal Unveils Direct Crypto to US Dollars Conversion; MetaMask Integration Goes Live 
Orbit Chain Confirms System Breach, Issues Scam Warning 
PUMA and Scuderia Ferrari HP Unveil Miami Limited Edition Collection 
K Bank Sees 41.4% Q2 Profit Surge Amid 31% YoY Net Income Drop 
Mastercard Partners with MoonPay to Unlock Web3 Capabilities in Experiential Marketing 
GS25 Launches Limited-Edition Makgeolli ‘Seoul Silver’ in Korea 
DeepL Unleashes AI-Powered Tool for Business Writing 
Naver Pay's Strategic Leap into China: Partners with Alipay Plus, UnionPay 
Terraform Labs Declares Bankruptcy, Files for Chapter 11 Protection in Delaware 
Be wary of the ‘vibes’: positive investor sentiment doesn’t necessarily match the true value of stocks 
Binance Reassures Filipino Users Amid SEC App Removal Request, Urges Balanced Review by Google and Apple 
How fintech can help Indonesia's small and medium enterprises survive the COVID-19 pandemic 
Remy Cointreau Surprises with Lesser Decline in Sales Thanks to China Boost 
Warner Bros Discovery Dives Into Data-Driven Ad Business, Debuts Data Platform 
Celsius Network Obtains Court Approval for Bitcoin Mining Business Shift 
Toyota Teams with Tencent, Nissan Joins Forces with Baidu in China AI Drive 
Toyota Motor Launches Trial for EV Pickups in Thailand 
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
