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R3 and SBI Scientist Holding up a Glowing Red Block

R3 Enters the East Asian Market with SBI Holdings Partnership

Reading Time: 2 minutes by on February 1, 2019 Adoption, Blockchain, Business, Development, Finance, News

It was announced on January 29, 2019, that R3 would be teaming up with SBI Holdings, a Japanese financial services company, to enable the use of R3’s platform in the East Asian region.

R3 Entering New Frontiers

R3 announced on January 30, 2019, that it would be partnering with SWIFT to link a Global Payments Innovation system through a Proof-of-Work (PoW) platform. Just a day before, on January 29, 2019, another Partnership was announced, this time with SBI holdings, a Japanese financial services company.

In December 2018, SBI Holdings’ CEO had already spoken about a potential partnership with R3. The partnership was to enable SBI to make local use of R3’s Corda platform in Japan. This announcement formally confirms the partnership.

This venture will help promote R3’s use in the Eastern Asian Region as well as the use of blockchain in the financial sector, adding to the over 300 forms that R3 is currently in partnership with.

“The new joint venture will support provision and introduction of the Corda license, arrange schemes for its actual use beforehand, as well as promote collaboration with overseas offices of R3 and other Corda partners,” the statement says.

SBI and R3 have a long-standing relationship, with SBI being the largest outside shareholder in R3 after an investment announced on May 24, 2017. SBI has, since then, organized training workshops for the use of the Corda platform in Japan and this new venture is yet another initiative for the two firms to work together on.

Recent Developments at R3

R3’s business model has always been centered around creating partnerships with outside firms and this has helped push the use of its platforms across the world.

One of its most recent moves has been with SWIFT which will see R3 link a Global Payments Innovation platform to SWIFT’s cross-border payment system.

They have also focused on improving on their native Corda platform. In January 2019, they announced the Corda Foundation which will be headed by selected users of the Corda platform. The foundation’s job is to ensure transparency and accountability with regards to the affairs of the platform.

Now, R3 has set their sights on expanding in East Asia, where there is a booming tech market. The region also sees blockchain technology being more widely used in the financial services industry, which has been one of the biggest adopters of the innovation since its creation.

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