coinedition.com
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.”