Saudi Aramco and Ripple Partner SBI Holdings Work Together
Saudi Aramco, an oil business based in Saudi Arabia, has teamed up with SBI Holdings, a partner of Ripple.
The Japanese financial services company SBI Holdings, a key partner of Ripple, has now announced a strategic partnership with Saudi Aramco, the state-owned oil behemoth of Saudi Arabia. The partnership’s primary goals are to promote semiconductor manufacturing programs and digital asset investment, but SBI Holdings hopes to utilize the alliance as a springboard for a broader development into the Middle East.
A Memorandum of Understanding (MoU) was signed on December 7 between SBI Holdings and Saudi Aramco, committing the two companies to work together in a new initiative to cultivate cryptocurrency-related enterprises in Saudi Arabia. The MoU recognized SBI Holdings’ larger objective of integrating digital currencies into conventional finance and delegated the Regional Operations of SBI for the Middle East to Riyadh.
As part of their partnership, SBI and Saudi Aramco will support efforts to grow the Saudi Arabian cryptocurrency sector. If Japanese digital asset businesses want to expand to the Middle East, SBI and Aramco will help them do it. The MoU said that “the scope of the alliance may be expanded upon agreement between the company [SBI] and Aramco,” which meant that the alliance might potentially cover more territory.
Furthermore, the partnership intends to broaden SBI Holdings’ investment horizons by entering the semiconductor market. This further demonstrates SBI’s resolve to further establish itself as a leader in technology innovation. Semiconductor manufacturing facilities in Japan and Saudi Arabia are the intended targets of the cooperation between SBI and Aramco.
Another proof of SBI Holdings’s efforts to strengthen its position in the Middle East is its recent collaboration with SC Ventures, the fintech investment arm of Standard Chartered, a British bank.
A new partnership between SBI Holdings and USDC issuer Circle is helping to spread the cryptocurrency and get Web3 up and running in Japan. Circle and SBI have entered into an agreement with the intention of launching USDC on the Japanese cryptocurrency market in compliance with Japanese regulations.