Priya PatelTLDR: SC Ventures, the venture capital arm of Standard Chartered Bank, has expanded its operations to Abu Dhabi in the United Arab Emirates (UAE) to explore fintech and digital asset opportunities. The move comes as the UAE has emerged as a significant hub for crypto investments, with approximately $35 billion in cryptocurrency value being received since June 2022, according to a report. SC Ventures aims to engage with the local fintech and startup ecosystem, forge partnerships with venture capital communities, and explore opportunities in digital assets, SMEs, the online economy, sustainability, and inclusion.
SC Ventures, the venture capital arm of Standard Chartered Bank, has established an office in Abu Dhabi to explore fintech and digital asset opportunities. The move is a strategic expansion for SC Ventures, which recently established a joint venture with SBI Holdings in the UAE.
The United Arab Emirates has become a significant hub for crypto investments, with the country receiving approximately $35 billion in cryptocurrency value since June 2022. The surge in institutional investments has contributed to this growth, with institutional and professional investors driving most of the cryptocurrency investments in the UAE.
Gautam Jain, a key member of SC Ventures, will lead the Abu Dhabi office. The venture aims to engage with the local fintech and startup ecosystem, forge partnerships with venture capital communities, and explore opportunities in digital assets, SMEs, the online economy, sustainability, and inclusion.
SC Ventures, established in 2018, facilitates innovation and culture change within Standard Chartered Bank and its ecosystem partners. The venture engages in venture building, equity investments, and fintech engagement to rewire the DNA of banking and financial services. It has collaborated with various partners across sectors to address financing needs and create new business models.
The expansion to Abu Dhabi supports the UAE’s goals of developing over 8,000 SMEs and startups by 2030 and fostering innovation and growth in the financial services sector. Alex Manson, CEO of SC Ventures, expressed enthusiasm for being part of Abu Dhabi’s innovative ecosystem and contributing to the development of the Entrepreneurial Nation initiative.
