SBI Holdings, Inc. announced that it has signed a Memorandum of Understanding (hereinafter "the MoU") with National Technology Group (Head office: Saudi Arabia; Chairman: Mohammed Rashid Al Ballaa; hereinafter: "NTG"), one of the largest information and communication Technology (ICT) company in Saudi Arabia, to establish an Alternative Trading System (ATS), equivalent to a Proprietary Trading System (PTS) in Japan, in Saudi Arabia, at the signing ceremony focusing on corporate agreements between Japan and Saudi Arabia held May 21, 2024. Based on the current MoU, the SBI Group and NTG will consider a business alliance in the following areas: SBI Group and GTN, together with IFC, will jointly submit responses to various requests from CMA toward obtain the license. SBI Group and GTN will act as the operating partners of the ATS while IFC will play the part of a strategic investor.

SBI Group will provide its expertise and a matching engine for operating the ATS. GTN will provide the technology for the matching engine primarily focused on fixed income instrument trading. SBI Group and GTN will promote the sale of fixed income instruments listed on the ATS.

The scope of the business alliance may expand beyond the subjects above, upon agreement between the SBI Group and NTG.