South Korea to End Short-Selling Ban as Financial Market Uncertainty Persists 
Elon Musk's X to Launch In-App Payment Services on Social Media Platform in Mid-2024 
SoftBank Eyes Up to $25B OpenAI Investment Amid AI Boom 
KPMG Australia Chairman and Senior Partners Exit Amid Escalating Whistleblower Scandal 
Nike CFO Shake-Up Fuels Concerns Over Turnaround Strategy 
Tencent Reviews Marvelous Stake as Gaming Giant Reassesses Global Investment Strategy 
Alphabet Stock Slides as AI Talent Exodus and SpaceX Losses Shake Investor Confidence 
Meta Pauses Employee Activity Tracking Program Over Data Security Concerns 
Chime Forecasts Strong 2026 Revenue Growth, Shares Jump on Profit Outlook 
Heineken Names JDE Peet’s CEO Rafael Oliveira as New Chief Executive 
Alchemy Pay Forms Strategic Partnership with Worldpay to Expand Cryptocurrency Payment Channels 
Apple Downgraded by Jefferies Amid Weak iPhone Sales and AI Concerns 
Ferrari Group to Launch IPO in Amsterdam, Targets Over $1 Billion Valuation 
Intel Secures $8.5 Billion in New Funding Amidst Strategic Revamp and Government Support 
European Stocks Rally on Chinese Growth and Mining Merger Speculation 
Ryan Cohen Rejects GameStop Pay Package, Prepares New eBay Acquisition Plan 
Mastercard Partners with Reserve Bank of Australia for Groundbreaking CBDC-NFT Trial 
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
