In a strategic move to tap into the vibrant technology and business innovation ecosystem of the United Arab Emirates (UAE), SC Ventures, Standard Chartered’s innovation and fintech investment arm, announces plans to open an office in the Abu Dhabi Global Market (ADGM), the International Financial Centre of the UAE’s capital. The initiative aims to leverage the region’s thriving technology landscape, venture-building capabilities, and access to local talent.
Gautam Jain, a seasoned veteran with 30 years of experience in banking technology and a member of SC Ventures, is set to lead the new Abu Dhabi office. This development follows SC Ventures’ recent partnership with SBI Holdings, a Japanese financial conglomerate, to establish a Digital Asset joint venture investment company in the UAE.
“UAE’s global tech ecosystem experienced a 134% growth in Ecosystem Value — the sixth fastest globally and the biggest in the Middle East and North African region. 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,” commented Gautam Jain.
Jain highlighted ADGM’s remarkable growth, stating, “In Q3 2023, ADGM’s assets under management (AUM) increased 52% from Q3 2022. This remarkable growth has solidified ADGM’s reputation as a trusted financial hub. SC Ventures looks forward to tapping into this community of innovation as we continue to rewire the DNA in banking to best serve clients and meet society’s needs.”
As the chairman of two SC Ventures portfolio companies and with extensive experience at Standard Chartered Bank, Barclays, HSBC, and Citigroup, Jain brings a wealth of expertise to lead the engagement with the fintech and startup ecosystem in Abu Dhabi and the wider region.
Arvind Ramamurthy, Chief of Market Development at ADGM, expressed satisfaction with SC Ventures’ decision, stating, “We welcome SC Ventures’ strategic decision, and we look forward to witnessing its positive contributions to the financial ecosystem as well as working with broader eco-system including Hub 71, the venture capital community in ADGM and beyond, as it continues to thrive and expand its business operations and services offerings.”
Once established, the ADGM office, under Jain’s leadership, will engage with the fintech and startup ecosystem, identify venture-building capabilities, and form partnerships with the UAE’s venture capital community. The office will align with SC Ventures’ four high-conviction themes: Online Economy & Lifestyle, Digital Assets, SMEs & World Trade, and Sustainability and Inclusion.
“ADGM is a hotbed of innovation as the UAE is methodically building the ecosystem, aiming to develop more than 8,000 SMEs and startups by 2030. We are excited to join and will contribute to the best of our abilities, as we continue to build our portfolio of ventures to rewire the DNA of banking and financial services in the region,” said Alex Manson, CEO, SC Ventures.