SBI Holdings, on December 7, 2023, today announces a foundational agreement with Saudi Aramco, the state-owned oil giant of Saudi Arabia.

The collaboration explores diverse projects, including digital assets, and the establishment of semiconductor factories in both Japan and Saudi Arabia.

Crypto Collaboration

The collaboration will focus on three main aspects, namely, cooperation and joint investments in the digital asset domain, identifying and supporting Japanese digital asset startups keen on expanding in Saudi Arabia, and launching various projects related to semiconductor investments, such as setting up factories in both Japan and Saudi Arabia.

SBI Group is active in the Middle East, and has previously initiated ventures like establishing investment funds with local partners.

In the semiconductor arena, they've partnered with Taiwan's foundry, PSMC, planning a factory in Miyagi Prefecture for domestic foundry operations.

SBI anticipates broadening the scope of collaboration with Aramco based on mutual agreements.

SBI's Interest in Crypto

This is not SBI Group's first foray into digital assets.

In a move in November this year, SBI Holdings solidified a Memorandum of Understanding (MOU) with Circle Internet Financial to integrate USDC stablecoins in Japan.

Circle, acknowledged for issuing the stablecoin USDC, and SBI will concentrate on circulating USDC, establishing a banking relationship, and promoting Circle's Web3 Services in the Japanese market.

As part of SBI Group's strategy in the digital asset landscape, they plan to integrate Circle's Web3 Services, incorporating the Programmable Wallet and smart contract management tools.