- Ripple’s partner, SBI Holdings, has partnered with Saudi Arabia’s oil company Saudi Aramco.
- The partnership intends to foster digital asset investment and semiconductor production programs.
- SBI Holdings envisions the company’s expansion into the Middle East.
Ripple’s major partner, SBI Holdings, a Japan-based financial services firm, has recently announced a strategic alliance with Saudi Aramco, Saudi Arabia’s state-owned oil giant. While the collaboration focuses on fostering digital asset investment and semiconductor production programs, SBI Holdings envisions its wider expansion to the Middle East through the partnership.
On December 7, SBI Holdings and Saudi Aramco entered into an agreement to initiate a new venture to promote the growth of cryptocurrencies and related startups in Saudi Arabia by signing a Memorandum of Understanding (MoU). The MoU acknowledged SBI Holdings’ broader vision of incorporating digital currencies in traditional finance and designated Riyadh for SBI’s Middle East regional operations.
In the joint venture, SBI and Saudi Aramco would support the expansion of crypto markets in Saudi Arabia. SBI and Aramco will provide assistance to Japanese digital asset companies expressing interest in extending their operations to the Middle East. Addressing a greater scope of the alliance, the MoU cited, “The scope of the alliance may be expanded upon agreement between the Company [SBI] and Aramco.”
In addition, the collaboration also foresees diversifying SBI Holdings’ portfolio, embracing the semiconductor industry. This strengthens SBI’s commitment to solidifying its position at the forefront of technological innovation. Through the partnership, SBI and Aramco aim to nurture the establishment of semiconductor factories in Japan and Saudi Arabia.
SBI Holdings’ endeavor to fortify its presence in the Middle East is further evidenced by its recent partnership with the British bank Standard Chartered’s fintech investment arm SC Ventures. The move intended to launch an investment firm in the UAE to “explore the emerging digital asset ecosystem opportunities globally.”
In a recent development, SBI Holdings partnered with USDC issuer Circle, promoting USDC circulation and Web3 establishment in Japan. According to the agreement, Circle and SBI are in a bid to launch USDC in the Japanese crypto market, adhering to the country’s regulatory laws.
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