SBI Holdings and Standard Chartered’s investment arm, SC Ventures, have announced their collaboration to establish a $100 million joint venture in the United Arab Emirates (UAE) with a focus on investing in crypto startups. The newly launched Digital Asset Joint Venture will target companies across the digital assets spectrum, including market infrastructure, risk and compliance tools, DeFi, tokenization, consumer payments, and the Metaverse.
The joint venture between SBI Holdings and SC Ventures aims to make investments ranging from seed to Series C funding. While the investment is global in scope, SC Ventures CEO Alex Manson highlighted the UAE’s rapid development as a fintech hub and its strengthening infrastructure and talent in the digital asset space. Manson believes that the UAE holds significant potential for fintech growth and sees the joint venture as an essential vehicle to explore opportunities within the global digital asset ecosystem.
Manson stated, “The Joint Venture will leverage SC Ventures’ experience in digital assets through our ventures such as Zodia Custody and Zodia Markets, and through our investments in fintechs like Ripple and Metaco.”
“The region is fast becoming a hub for fintechs in the digital asset space due to its strengthening infrastructure and talent.”
– Alex Manson, CEO of SC Ventures
This collaboration between SBI Holdings and SC Ventures builds upon their previous cooperation and investments. Together, they have supported startups like Solv, Zodia Custody, and myZoi. Additionally, SBI Holdings, a Japanese financial conglomerate, plans to launch another crypto fund by the end of the year, targeting investments of up to 100 billion yen ($663 million) in web3, AI, and fintech startups.
The joint venture’s establishment aligns with Standard Chartered’s recognition of the UAE’s detailed regulatory framework as a significant factor driving firms to establish operations in the country. In September, Zodia Markets, a digital asset marketplace primarily owned by Standard Chartered and supported by SBI Holdings, received in-principle approval to operate as a crypto broker-dealer in Abu Dhabi.
