Benzinga - SBI Holdings, Japan's largest cryptocurrency financial group, entered into a partnership with Saudi Aramco, the world's second-largest company by revenue and the national oil company of Saudi Arabia, for investments in digital assets.
The collaboration marked a significant step in bridging Japanese technological innovation with Saudi Arabian industrial expansion.
A Threefold Strategic Alliance: The partnership encompassed three key areas: joint investment in digital assets, support for Japanese digital asset startups in Saudi Arabia, and establishment of semiconductor factories in both countries, according to Nikkei Crosstech.
This alliance aims to leverage the strengths of both companies in advancing technology sectors such as semiconductors and digital assets.
Joint Investment In Digital Assets: A core component of the partnership was the collaboration and joint investment in the field of digital assets.
This move signified a major step for both companies in diversifying their portfolios and embracing the burgeoning digital asset market.
Supporting Japanese Startups: Another significant aspect of the agreement involved discovering and supporting Japanese startups specializing in digital assets.
These startups would receive assistance in expanding their operations into the Saudi market, fostering a cross-border exchange of innovation and technology.
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Semiconductor Factory Projects: The partnership also included plans to establish semiconductor factories in both Japan and Saudi Arabia.
This initiative was expected to enhance the semiconductor manufacturing capabilities of both nations, addressing the global demand for these essential components.
SBI's Expansion Into The Middle East: In line with this partnership, SBI Holdings plans to establish "SBI Middle East" in Riyadh.
This new venture would focus on promoting Japanese digital asset startups in Saudi Arabia, further strengthening the technological ties between the two countries.
Collaboration with Power Crystal Manufacturing: SBI's involvement in the semiconductor field includes a collaboration with Taiwanese foundry Power Crystal Manufacturing Co., Ltd. (PSMC).
The company was planning to construct a factory in Miyagi Prefecture, Japan, for its foundry business with potential expansion plans in collaboration with Aramco.
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