SBI Holdings and Saudi Aramco plan to establish new joint venture and expand crypto business in the Middle East

Japanese financial services company SBI Holdings recently signed a memorandum of understanding with oil giant Saudi Aramco to create a new joint venture to promote the development of cryptocurrency and related start-ups in Saudi Arabia. The MoU recognizes SBI Holdings’ broader vision of integrating digital currencies into traditional finance and designates Riyadh as a market for SBI’s Middle East operations. Through the joint venture, SBI and Saudi Aramco will support the expansion of Saudi Arabia’s crypto market and provide assistance to Japanese digital asset companies interested in expanding their operations into the Middle East. Talking about the wider alliance, the MoU states that "the scope of the alliance may be expanded subject to the agreement between SBI and Aramco." (Coinedition)