[NEWS] SBI establishes joint venture with TradeFinex Tech, operator of XDC Network

On the 27th of last month, SBI Holdings announced the establishment of a joint venture with TradeFinex Tech Ltd., a United Arab Emirates (UAE)-based company that develops enterprise-specific blockchain, XDC Network (XDC).

The purpose is to improve the efficiency of trade finance. The name of the joint venture with TradeFinex Tech will be "SBI XDC Network APAC Co., Ltd."

XDC Network is a community-driven platform established in 2017 designed to improve the efficiency of trade finance. In addition to aiming for a high-speed, highly secure, and low-cost blockchain, it provides a smart contract system that can be used for tokenized real assets (RWA) such as bonds, tokenization of trade assets, and electronicization of trade documents, and to facilitate global trade operations.

Until now, SBI has been the only company in Japan to start handling XDC tokens through a partnership between XDC Network and cryptocurrency exchange SBI VC Trade. In addition, it has provided various related services.

In the future, we will not only handle XDC tokens, but also work to expand use cases using the blockchain of the XDC Network in global economic activities, mainly trade finance and cross-border payments.

A corporate website was opened with the establishment of the joint venture. The company aims to be an information hub that widely provides innovative solutions of the XDC Network, from localizing information related to the XDC Network in Japan to supporting cryptocurrency exchanges that wish to handle XDC tokens and expanding partnerships with subnet/layer 2 companies.

SBI has begun a demonstration experiment to connect the XDC

Network with Corda, which is operated by SBI R3 Japan, and Corda Bridge, which is provided by IMPEL GLOBAL, INC., as the first initiative since the establishment of the joint venture.

In this experiment, FIAT settlements that occur in transactions between companies will be made on XDC via Corda and Corda Bridge. By utilizing a hybrid blockchain that can be used both privately and publicly, it will be possible to make one-stop payments including private areas such as transaction information and public areas such as value transfer.

▶Source: SBI Holdings

Reference:Announcement
Image: Quoted from the announcement

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