“SC Ventures,” the innovation and investment arm of Standard Chartered Bank in the field of financial technology and related projects, has announced its plan to open a new office in the global market of Abu Dhabi.
This move aims to leverage technology, business innovations, build projects, and access capabilities and talents in the region. Gautam Jain, a board member, is set to lead the new office in Abu Dhabi.
This announcement comes after the partnership established between SC Ventures and SBI Holdings, a Japanese financial group, to establish a joint digital asset investment company in the United Arab Emirates.
In this context, Gautam Jain, a board member at SC Ventures, pointed out that the global technology system in the UAE has witnessed a growth of 134% in the value of the technology system, making it the sixth fastest-growing in the world and the largest in the Middle East and North Africa region.
He added, “We believe that the region has great potential to enhance banking services through its talents and exceptional capabilities in building projects and investment empowerment, especially in the fields of financial technology, digital assets, and data.”
He also confirmed that the assets under management in the global Abu Dhabi market grew by 52% in the third quarter of 2023, reaching $4.5 trillion, further enhancing the market’s reputation as a leading financial center.
Jain explained that the new office will focus on four main areas: online economy and digital methods, digital assets, small and medium-sized enterprises (SMEs) and global trade, sustainability, and inclusiveness. He emphasized the focus on investing in promising opportunities, collaborating with local universities, and exploring new technologies and trends in the business world.
Arvind Ramamurthy, Head of Market Development at Abu Dhabi Global Market, expressed his delight at SC Ventures joining the global market of Abu Dhabi, looking forward to seeing its positive contributions to the financial system and the broader community.
He welcomed more global financial institutions choosing Abu Dhabi’s global market as their headquarters to develop their businesses and achieve growth in the region.
With the opening of its new office in the UAE, Gautam Jain will supervise its management, engaging in the financial technology system in Abu Dhabi and the region.
His main goal is to identify capabilities for building projects, developing partnerships with the investment capital community in the UAE, focusing on investing in promising opportunities, collaborating with local universities, and exploring new technologies and trends in the business world.
Alex Manson, CEO of SC Ventures, concluded by confirming that Abu Dhabi’s global market is a leading hub for innovation, noting the UAE’s efforts to build a sophisticated system supporting the growth of over 8,000 companies and its ambition to create 20 start-ups valued at over a billion US dollars by 2031.
He expressed excitement about joining this system, hoping that his company’s expertise and capabilities would contribute to enhancing banking and financial services in the region.