- Financial holding SBI has become a partner of Saudi Aramco.
- The cooperation is aimed at joint investments and development of crypto startups.
- In addition, the companies plan to build a number of semiconductor manufacturing plants in Japan and Saudi Arabia.
Financial company SBI and energy company Saudi Aramco become partners. They are exploring various options for working together in the field of digital assets, XTech reports.
On December 7, 2023, SBI Holdings signed a basic business partnership agreement with Saudi Aramco, the energy company of Saudi Arabia.. According to local media reports, the companies will consider the possibility of jointly investing in each other’s projects.
In addition, SBI plans to open an SBI Middle East branch in Riyadh, which will become the basis for financial transactions in the Middle East. It is expected to help promote Japanese cryptocurrency startups.
Another promising area could be the construction of semiconductor factories in Japan and Saudi Arabia.. Previously, SBI holding teamed up with Taiwanese chip manufacturer Powerchip Technology Corporation to open a plant in Miyagi Prefecture.
In turn, Saudi Aramco invested in the crypto projects VAKT and Data Gumbo. It has also partnered with IR4LAB, a company that provides records management and logistics solutions using blockchain.
There are no uniform rules for regulating cryptocurrencies in Saudi Arabia. Despite this, it is among the top 5 countries with the highest growth in cryptocurrency transaction volume, according to Chainalysis.
Osaka Digital Exchange (ODX) plans to begin trading tokenized assets, according to local media reports. It is possible that one of the areas of cooperation between SBI and Saudi Aramco will be the launch of tokenized oil contracts.
Ivan BabiukLet us recall that in June 2023, Japan introduced tax incentives for companies issuing stablecoins. In addition, the authorities approved Web3 Whitepaper for the development of the industry in the country.