Sbi, A Partner Of Ripple, Signs A Major Deal To Collaborate With Saudi Oil Giant Aramco.

Japan's leading financial services company, SBI Holdings, and one of the world's leading oil companies, Saudi Aramco, have announced a mutual digital asset partnership. Under this collaboration, they aim to combine the strengths of the finance and energy sectors to focus on innovation and cooperation in the digital asset field. SBI Holdings plans to establish a subsidiary named "SBI Middle East" in Riyadh to increase its presence in the Middle East. This step will significantly contribute to SBI's regional expansion strategy.

The world's second-largest company, the giant oil firm Saudi Aramco, continues to increase its presence in the crypto industry. Known for its previous investments in blockchain companies, Saudi Aramco is now collaborating with the Japanese-based financial giant SBI Holdings. The two companies will explore the possibility of investing in each other's digital asset portfolios.

The subsidiary that SBI Holdings will establish in Riyadh aims to open the way for Japanese startups wishing to operate in Saudi Arabia and provide assistance to these firms. The agreement also covers the semiconductor chip sector. Collaboration in this area, where China, the US, and Taiwan maintain superiority, will encompass developments in the industry.

Established in 1933, Saudi Aramco is known as the world's second-largest revenue-generating company. The company, with a total income of over 500 million dollars in 2022, has a market value exceeding 2 trillion dollars.

SBI Holdings is also one of Ripple's major business partners. In September, SBI Holdings expanded the use of the money transfer system utilizing XRP to Southeast Asia, enabling it to be used in banks in the Philippines, Indonesia, and Vietnam. SBI Holdings' CEO Yoshitaka Kitao joined Ripple's board but left in 2021. However, collaboration between the two companies continues.