SC Ventures Expands Presence in UAE with ADGM Entry

In the aim of accessing the vibrant technology and business innovation ecosystem of the United Arab Emirates (UAE), SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, is set to establish a presence in the Abu Dhabi Global Market (ADGM), the International Financial Centre (IFC) of the UAE’s capital.

Gautam Jain, a seasoned banking technology veteran and member of SC Ventures, will lead the new Abu Dhabi office, bringing over 30 years of experience to the role. This development comes on the heels of SC Ventures’ recent partnership with SBI Holdings, a Japanese financial conglomerate, to create a Digital Asset joint venture investment company in the UAE.

The UAE’s tech ecosystem has experienced a remarkable 134% growth in Ecosystem Value, ranking as the sixth-fastest globally and the largest in the Middle East and North African region.

According to the company, it recognizes the potential in this thriving environment to reshape banking through top-notch talent, venture building capabilities, and an investment mandate focused on fintech, digital assets, and data.

Gautam Jain commented on the decision, stating, “SC Ventures sees strong opportunities in the region’s potential to help rewire the DNA in banking through its top-notch talent and capabilities in venture building and investment mandate — specifically in the areas of fintech, digital assets, and data.”

The announcement aligns with ADGM’s impressive growth, with assets under management (AUM) increasing by 52% in Q3 2023 compared to Q3 2022, solidifying its reputation as a trusted financial hub. For this reason, SC Ventures aims to leverage ADGM’s thriving community of innovation as it continues to reshape banking to better serve clients and address societal needs.

The ADGM office will align with SC Ventures’ four high-conviction themes, emphasizing the Online Economy & Lifestyle, Digital Assets, SMEs & World Trade, and Sustainability and Inclusion.

Alex Manson, CEO of SC Ventures, highlighted the significance of ADGM as a hotbed of innovation within the UAE’s ambitious plans to develop thousands of SMEs and startups by 2030.

By stepping into the UAE, SC Ventures is making a clever move to be part of a market that is changing quickly. This decision helps the company become a leader in developing new ideas and progress in the region.

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