In a strategic move, SC Ventures, the venture capital arm of Standard Chartered, has established its office in Abu Dhabi Global Market (ADGM), UAE. This expansion comes on the heels of a joint venture with Japanese SBI Holdings in the UAE aimed at solidifying SC Ventures’ commitment to the region.
SC Ventures is a business unit of Standard Chartered Bank that provides a platform and catalyst for the bank to promote innovation, invest in disruptive financial technology, and explore alternative business models.
The unit which was established in 2018 and performs several different activities, including venture building, equity investments, and fintech engagement, aims to facilitate innovation and culture change within the bank and its ecosystem partners, invest in validated fintech to develop future tech capabilities, and create new business models.
It has collaborated with multiple anchors across sectors, such as SBI Holdings to address distributor financing needs, paving the way for seamless transactions and sustained business operations.
Conversely, the United Arab Emirates (UAE) has emerged as a significant hub for crypto investments, attracting substantial institutional and professional interest in the cryptocurrency space.
According to a report by Chainalysis, the UAE has received approximately $35 billion in cryptocurrency value since June 2022, outperforming neighboring countries such as Qatar, Oman, Jordan, and Lebanon.
The report also highlighted a surge in institutional investments, with most crypto investments in the UAE being attributed to institutional and professional investors, indicating strong market confidence and an eagerness from organizations and high-net-worth individuals to incorporate cryptocurrency into their investment portfolios.
Details of the expansion reveal that Gautam Jain, a key member of SC Ventures, is set to lead the Abu Dhabi office. The venture aims to engage with the vibrant fintech and startup ecosystem, forge partnerships with local venture capital communities, and explore opportunities in digital assets, SMEs, the online economy, sustainability, and inclusion.
Alex Manson, CEO of SC Ventures, expressed enthusiasm for being part of ADGM’s innovative ecosystem. He stated, “We are excited to join and will contribute to the best of our abilities as we continue to build our portfolio of ventures to rewire the DNA of banking and financial services in the region.”
As the UAE aims to develop over 8,000 SMEs and startups by 2030, SC Ventures is pivotal in contributing to the Entrepreneurial Nation initiative, fostering innovation and growth in the financial services sector.
