SBI Holdings joins hands with R3 consortium to establish a joint venture
In an interesting move, SBI Holdings has joined hands with R3 consortium to establish a joint venture that would engage in business in Japan, according to a press release on Tuesday. As per the release, SBI Holdings has contributed 60 percent of the capital for the venture whereas R3 has provided the other 40 percent.
Details of the proposed joint venture are as follows:
- Company Name: SBI R3 Japan Co., Ltd.
- Business: Provision of DLT platform Corda, and other related business
- Representative: Mamoru Fujimoto
- Establishment: January 2019
- Capital: JPY 500 million
- Investment Ratio: SBI Holdings: 60%, R3: 40%
As per the press release, the main aim of SBI Holdings is to expand its investments and partnerships based on the DLT and enhance the ecosystem based on digital assets in the Eastern Asian region.
The press release further notes that the new joint venture will support introduction of the Corda license, arrange schemes for its actual use, as well as promote collaboration with overseas offices of R3 and other Corda partners.
In another development on Wednesday, reports suggest that SWIFT, the Belgium-based global payments network, is planning to integrate with R3 consortium. The company is planning to create a Proof-of-Concept gateway that will enable R3 to connect to the GPI [Global Payments Innovation] payments service. The main aim of this move is to increase transparency of cross-border payments.
Earlier this month, Dutch banking giant ING Group inked a five-year deal with global banking consortium R3. This deal will give the bank access to an unlimited number of licenses for R3’s commercial blockchain platform, Corda Enterprise. As per the deal, R3 will provide ING with an ‘unlimited’ number of licenses for the Corda platform, giving the bank the freedom to deploy its CorDapps across its business operations.
Image via Shutterstock
Join our Telegram group