The Japanese cryptocurrency financial group SBI Holdings has announced it is considering a partnership with Saudi Aramco (SAOC), the state-owned oil company of Saudi Arabia, following the signing of a basic agreement for a business partnership.
According to a report released on December 11, this partnership includes co-investing in each other’s digital asset portfolios and cooperative development of projects like building semiconductor factories on Saudi Arabian and Japanese territory.
The cooperation would specifically focus on three areas: finding and supporting Japanese cryptocurrency startups interested in expanding to Saudi Arabia; cooperating and making joint investments in the cryptocurrency space; and initiating semiconductor-related projects, like building factories in both countries.
As it happens, SBI has been pushing hard for projects in the Middle East, especially when it comes to forming investment funds with regional partners. To achieve this, plans are also underway to open “SBI Middle East” in Riyadh, which will aid in the promotion of Japanese cryptocurrency startups in Saudi Arabia.
Apart from considering a collaboration with Saudi Aramco for semiconductor manufacturing endeavors, SBI has partnered with Taiwanese chip manufacturer Powerchip Technology Corporation to establish a factory in Japan’s Miyagi Prefecture.
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