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Coin Telegraph

They have signed a memorandum of understanding on digital asset investment and semiconductor production.

Japan’s SBI Holdings financial services firm and Saudi Arabian state-owned oil company Saudi Aramco are considering teaming up on digital asset investment and semiconductor production projects. The sides signed a memorandum of understanding (MoU) on cooperation that includes the establishment of SBI Middle East in Riyadh as a base for operations in that region.

According to the MoU, signed Dec. 7, SBI and Saudi Aramco will consider collaborating in the field of digital assets and co-investing in their digital asset portfolios. They may identify Japanese digital asset startups that could be interested in expanding to Saudi Arabia and launch semiconductor production projects in both countries. In addition:

Saudi Aramco is the world’s second-largest corporation by revenue, after Walmart. The MoU mentioned Saudi Aramco investments aimed at complementing its supply chain. Cryptocurrency is “not recognized by legal entities” in Saudi Arabia, although the government has shown a healthy interest in Web3. SBI Holdings’ partnership with Taiwan-based Powerchip Semiconductor Manufacturing was also highlighted.

Standard Chartered’s venture arm to set up crypto fund in UAE

November 9, 2023 Coin Telegraph

Banks

SC Ventures will establish a “Digital Asset Joint Venture” investment company in partnership with a Japanese financial conglomerate, SBI Holdings.

SC Ventures, the fintech investment arm of British bank Standard Chartered, will establish a “Digital Asset Joint Venture” investment company in the United Arab Emirates (UAE) in partnership with a Japanese financial conglomerate, SBI Holdings.

In the press release from Nov. 9, Alex Manson, the CEO of SC Ventures, revealed the new joint venture company’s goals:

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

Manson highlighted the region’s new role as a hub for fintech due to its strengthening infrastructure and talent. However, the joint venture will not limit itself to the regional market but “explore the emerging digital asset ecosystem opportunities globally.”

In May 2023, Standard Chartered signed a memorandum of understanding with the Dubai International Financial Centre (DIFC), granting the bank approval to launch digital asset custody services for its institutional clients worldwide.

Last month, another joint venture by Standard Chartered and SBI Holdings — institutional cryptocurrency custody platform Zodia — launched its services in Hong Kong. Established in 2021, the platform supports 38 cryptocurrencies and has recently opened services in Japan, Singapore and Australia.

Diving deep into the crypto custody business, Standard Chartered has not been neglecting the other side of the digital economy. In June, the bank teamed up with PricewaterhouseCoopers China to produce a white paper on applications for central bank digital currency in the so-called Greater Bay Area of China, which includes Guangdong province, Hong Kong and Macao.

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XDC Network gets Japanese foothold via partnership with SBI subsidiary

May 31, 2023 Coin Telegraph

Coin Telegraph

After a fruitful spring season, the XDC Network expands its presence in the Japanese market via SBI VC Trade.

The enterprise hybrid blockchain solution, XDC Network — formerly known as XinFin — has broadened its presence in the Japanese market through a partnership with SBI VC Trade, a cryptocurrency exchange subsidiary of Tokyo-based financial holding company SBI.

On May 31, the XDC Network announced that it would be added to SBI’s crypto exchange subsidiary. The exchange’s CEO, Fumiki Ozaki, confirmed the news:

“We are delighted to expand our cryptocurrency offerings by adding XDC to our exchange. XDC Network brings a unique value proposition to the trade finance market, and we believe its addition will enhance our customers' trading experience.”

In March 2023, the XDC token became one of the top 5 altcoin gainers, rising 54% in 30 days. The network supports Ethereum Virtual Machine-compatible smart contracts, protocols and atomic cross-chain token transfers. It also complies with the ISO-20022 message standard, an internationally accepted standard for electronic data interchange between financial institutions.

Recently, the XDC Network decided to decentralize the governance of the blockchain by forming a decentralized autonomous organization. After deployment in May, the community will decide on the distribution of ecosystem funds to promote development. XDC Network co-founder Atul Khekade commented on the newest announcement:

“We are thrilled to partner with SBI VC Trade and bring the XDC ecosystem to the Japanese market. Japan is a crucial hub for international trade, and our blockchain platform aims to streamline this sector by improving transparency, traceability and reducing costs.”

SBI is also raising its presence in key crypto markets. In September 2022, it received a license to operate in Singapore. Earlier, one of its investees, Clear Markets, received approval from the United States Commodity Futures Trading Commission to offer over-the-counter crypto derivatives products with a physical settlement.

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Ripple-based MoneyTap adopted by three Japanese banks

April 17, 2023 Coin Telegraph

Banks

Japanese banks like Yamaguchi, Momiji and Kitakyushu now support the MoneyTap P2P remittance service based on RippleNet.

Ripple-based payment system MoneyTap continues growing in Japan, with several local banks opening access to the application for their clients.

SBI Remit, the remittance-focused arm of the Japanese financial services conglomerate SBI Holdings, has added support of its mobile MoneyTap application to three local banks, including Yamaguchi Bank, Momiji Bank and Kitakyushu Bank, SBI Remit announced on April 17.

Yamaguchi is a major regional bank in Japan, featuring 156 branches and offices in Japan and four overseas locations. Kitakyushu Bank is a subsidiary of Yamaguchi Financial Group and has operated 24 branches since the start of the business.

The MoneyTap integration enables the Japanese regional banks to offer a peer-to-peer remittance service to their customers through a mobile application. In addition to the bank account number, the remittance service enables the online remittance function through a mobile phone number. The app also features online identity verification and biometric authentication, aiming to ensure high security for customers of Yamaguchi, Momiji and Kitakyushu.

As previously reported, SBI integrated the mobile MoneyTap settlement service in 2019, soon after launching MoneyTap in collaboration with the blockchain firm Ripple in October 2018. Based on Ripple’s blockchain solution RippleNet, the MoneyTap app is designed to enable instant domestic bank-to-bank transfers and P2P transfers for clients, initially supporting three Japanese banks, including SBI Sumishin Net Bank, Suruga Bank and Resona Bank.

In the announcement, SBI Remit reiterated that the firm merged with MoneyTap in September 2022, which allowed it to provide a next-generation financial infrastructure with high functionality and low cost.

SBI has emerged as a major partner of Ripple, supporting the company amid its ongoing legal battle with financial regulators in the United States. Morningstar, an SBI Group’s financial data subsidiary, said in 2021 it will continue its XRP (XRP) shareholder benefits program despite Ripple’s legal issues in the United States. SBI CEO Yoshitaka Kitao also said in 2021 that Japan was the most likely country for Ripple to move to if the company is eventually forced to leave the United States due to the tough regulatory environment.

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JPMorgan, DBS Bank, SBI Complete Live Defi Trades on Public Blockchain

November 4, 2022 Bitcoin.com

SBI

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