The JV will take responsibility for adoption and support for Corda and Corda Enterprise across the region,
Both firms will continue to assist enterprise blockchain and focuses more on increasing commercial adoption of Corda.
The partnership will allow SBI to leverage its network of regional contacts among financial institutions and corporates to increase the adoption of Corda.
Japanese firms can access Corda’s diverse ecosystem applications and multiple developers through connecting with Corda ecosystem.
The companies will also have flexibility to join more than 300 of the world’s largest companies, financial services firms, technology firms, central banks, regulators, and trade associations as partners of R3.
SBI Group CEO Yoshitaka Kitao said: “SBI has been participating in consortium led by R3 from the earliest stage when they established the Lab and Research Center to try out blockchain technology.
“Large investment and commitment by SBI was decided when R3 formulated its vision for Corda, when we have come to notice its possibilities of having significant influence on the future financial infrastructures.”
Corda and Corda Enterprise serve as base for an ecosystem of interoperable, customizable and global applications for enterprise use.
In 2016, R3 built Corda open source blockchain platform, which enables to minimize costly friction in business transactions by enabling institutions to transact directly using smart contracts.
Corda Enterprise is a commercial distribution of Corda open source developed to meet the requirements of the modern day businesses.
R3 CEO David Rutter said: “SBI is one of Corda’s biggest champions. With this partnership, we are able to come better together to support the growth of the Corda platform in the region. Through the combination of SBI’s incredible influence, built up over decades of excellent service to their clients, and the rich ecosystem which we have fostered around Corda, I think we have a compelling and unique offer for firms in the region.”
