SBI Holdings, a Japanese financial services firm, has announced a memorandum of understanding with Saudi Aramco, the oil giant, for potential collaboration in digital asset investing. The agreement involves cooperation in the field of digital assets and co-investments using both parties' investment portfolios. SBI Holdings has assets worth $165 billion, while Saudi Aramco is the world's second-largest corporation by revenue. The two companies plan to identify Japanese crypto startups and support their growth in the Saudi Arabian market. They also aim to establish factories for semiconductor-related projects in both countries. SBI Holdings has been expanding its focus on cryptocurrencies and recently entered into joint ventures with Standard Chartered and Circle. Additionally, SBI Holdings is partnered with Ripple and is its largest outside shareholder.
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