May 27, 2024

The fintech investment arm of Standard Chartered, SC Ventures, a British bank, has dived into the crypto space. The firm plans to launch a ‘Digital Asset Joint Venture’ investment arm in the United Arab Emirates.

The upcoming investment venture collaborates with a Japanese financial conglomerate, SBI Holdings.

SC Ventures Partners With SBI Holding To Establish A Crypto Fund

On November 9, SC Ventures’ CEO, Alex Manson, disclosed the company’s plans to establish a crypto fund investment firm. In a press release, the CEO noted the company’s targets for the venture while relying on its strong partnership.

Manson stated that the venture aims

to make strategic and minority investments in areas such as market infrastructure, risk management and compliance tools, DeFi, tokenization, consumer payments, and the metaverse.

Further, the CEO outlined the region’s role as a new and strong hub for fintech and its related activities. The zone is expected to provide the needed support to strengthen infrastructural growth, talent, and development. Despite the region’s great benefits, the CEO noted that the joint venture will function with limitless regional goals.

Instead, it aims to “explore the emerging digital asset ecosystem opportunities globally.”SC Ventures and SBI Holdings have joint investments in startups like Solv, myZoi, and Zodia Custody. The upcoming joint venture is expected to set its global relevance by riding on SC Ventures’ expertise in digital assets.

It will leverage other associated ventures like Zodia Custody and Zodia Markets and investments in fintechs such as Metaco and Ripple. Regarding the new project, SBI Holding’s CEO Yoshitaka Kitao expressed his excitement about collaborating with SC Ventures. 

Kitao said:

This initiative further solidifies the strategic relationship between SBI Holdings and SC Ventures following our investment forays into SC Venture’s portfolio companies, including Solv, Zodia Custody, and myZoi.

Standard Chartered and Ventures Explore Global Expansion and Relevance Through Crypto

Standard Chartered and its ventures have made deeper commitments to creating global growth and relevance. In October, the institutional crypto custody company Zodia rolled out its services in Hong Kong. Zodia is one of the joint ventures of Standard Chartered and SBI Holdings. 

Born in 2021, Zodia supports more than 38 crypto assets on its platform. Also, it has commenced operations in other countries like Australia, Japan, and Singapore.

Standard Chartered completed a memorandum of understanding in May with the Dubai International Financial Centre (DIFC). 

Through the deal, the bank received approval to establish digital asset custody services for its institutional customers globally. The bank noted that digital assets remain a vital aspect of the future of financial systems and services. 

Such knowledge has driven the firm to commit more to investing in infrastructure and talent as a leader in the space. Additionally, Standard Chartered has spread its focus to other aspects of the digital economy.

It partnered with PricewaterhouseCoopers China in June this year to create a white paper about applications for CBDC. The project, called the Greater Bay Area of China, highlighted some regions like Hong Kong, Macao, and Guangdong province.

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