Standard Chartered's venture capital department plans to establish a $250 million digital asset fund, supported by Middle Eastern investors.

According to Bloomberg, Standard Chartered Plc's venture capital division SC Ventures plans to raise $250 million for a fund focused on investments in digital assets within the financial services sector. The fund aims to invest globally and gain support from Middle Eastern investors. In addition, the division plans to establish a $100 million fund in Africa and is considering launching its first venture debt fund. This series of moves highlights the bank's ambitions in the ever-expanding fintech sector, particularly in the Middle East.

SC Ventures' New Fund Plan and Strategic Layout

According to Gautam Jain, a member of the SC Ventures operations team, the department plans to launch a $250 million fund next year specifically for investing in digital assets within the financial service sector, as he revealed during the first Money 20/20 fintech event in Riyadh on Monday. The fund will receive support from Middle Eastern investors and will focus on global investments. He also stated that the department aims to initiate a $100 million fund for investments in Africa and is considering its first venture debt fund. Jain did not specify whether these funds would also focus on digital assets or the fintech sector.

SC Ventures was established in 2018 with the aim of investing in technology startups and seeking innovative business for Standard Chartered Bank. Jain stated that the department has delved deeper into the Middle East this year and launched operations in Saudi Arabia in January. Its strategy is to form a dedicated team in Saudi Arabia and launch a domestic fund by 2026, focusing on minority investments in local companies and the launch of new businesses.

The Saudi Arabian Fintech Market Attracts Global Attention

According to data from the data platform Magnitt, Saudi Arabia is the major market for venture capital financing in the Middle East, particularly in the fintech sector. Startups in this industry raised a total of $274 million in the first half of 2025, with an increase in the number of transactions, including a significant funding round completed by the "buy now, pay later" company Tabby before a potential IPO. Magnitt stated that payment solutions, loans, and insurance are the most popular categories for investment. In recent years, activity in the region has been driven by government support and has also benefited from a wave of new fund launches.

The Money 20/20 event held in Riyadh is expected to attract over 1,000 investors and 150 startups. Saudi Arabia aims to have more than 500 financial technology companies in its homeland by 2030, while the current number is less than 300.

Important Developments and Announcements at the Meeting

At the meeting on Monday, the following other important progress was also announced:

• Saudi payment service company Hala raised $157 million, marking one of the largest early-stage funding rounds for a startup in the Middle East. This round of financing was led by TPG and Sanabil, a subsidiary of the Saudi sovereign wealth fund.
• The "buy now, pay later" company Tamara, headquartered in Saudi Arabia, has secured up to $2.4 billion in asset-backed financing from institutions including Goldman Sachs Group Inc. and Citigroup Inc.
• STV and the technology department of the Saudi Tadawul Group, Wamid, have agreed to jointly develop Saudi Arabia's first private asset trading platform.
• Google, a subsidiary of Alphabet, announced the launch of Google Pay and Google Wallet in Saudi Arabia, with customers of Al Rajhi Bank and Riyad Bank being the first to gain access.
• Ride-hailing unicorn inDrive (backed by investors such as General Catalyst Partners) announced to Bloomberg that it will launch services in Saudi Arabia this month.

Conclusion

The booming development of the fintech market in Saudi Arabia is attracting global attention. This is not only due to the influx of capital but also reflects Saudi Arabia's economic diversification strategy under the "Vision 2030". With government support, the improvement of regulatory frameworks, and a large and young population base, Saudi Arabia is rapidly becoming the fintech hub of the Middle East. The proactive layout of global financial giants like Standard Chartered further proves the huge development potential of this market in the fields of digital finance and innovation.