Saudi Aramco Inks MOU with SBI Holdings to Invest in Digital Assets

Saudi Aramco Inks MOU with SBI Holdings to Invest in Digital Assets

The world's largest oil and gas company, Saudi Aramco, has inked an MOU with SBI Holdings, a financial services group in Japan, to explore a collaboration for investing in digital assets. SBI is also planning the launch of a subsidiary in the Middle East to extend its influence in the region.

Oil Giant Saudi Aramco Mulls Investing in Digital Assets

Saudi Aramco, the largest oil and gas company, is looking forward to investing in digital assets. The company, which has a market capitalization of more than USD 2 trillion, has signed a Memorandum of Understanding (MOU) with SBI Holdings, a financial services company in Japan, to explore collaboration across multiple sectors of investment, including digital assets.

The MOU details the collaboration of both companies “in the field of digital assets and co-investments leveraging both parties’ investment portfolios related to digital assets.” SBI has strong investment credentials in companies that use digital assets in their business models. The company has recently partnered with stablecoin company Circle and has a long-term collaboration with Ripple, a crypto-based payments company.

The memorandum explains that Saudi Aramco will identify and support Japanese startups in the digital assets sector looking to expand their business in the Middle East and provide the necessary inputs for their entry and growth in the region. The partnership also extends to the semiconductor segment. The document also mentions that the company could launch multiple projects in the segment by setting up manufacturing units in Saudi Arabia and Japan through Powerchip Semiconductor Manufacturing Corporation, a Japanese organization.

SBI Holdings to Launch "SBI Middle East"

SBI Holdings has unveiled plans to launch a subsidiary named “SBI Middle East” to expand the company’s influence in the region and explore new business ventures.

Saudi Aramco has invested in blockchain-based companies since 2020, when the company invested USD 5 million in a global commodities blockchain digitization business, VAKT. The company also signed an MOU with a Web3 technology development platform, Droppgroup, in February.

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