Sumitomo Mitsui Financial completes investment in SBI R3 Japan
In mid-August Sumitomo Mitsui Financial Group, the holding company of SMBC, completed the deal to acquire a 14% stake in blockchain firm SBI R3 Japan. SBI Holdings still has a 51% stake (previously 60%) and R3 has 35% (formerly 40%). SBI claims to be the largest outside shareholder in R3. The joint venture plans to...
9 months ago
Sumitomo Mitsui Financial Group Takes 14% Stake in SBI R3 Japan
SBI Holdings now has a 51 per cent in the joint venture, R3 retains a 35 per cent stake.
9 months ago
SMBC joins two blockchain trade finance consortia komgo, Contour
Today, Sumitomo Mitsui Financial Group (SMBC) announced that it’s joining two blockchain trade finance consortia, komgo and Contour. Both networks currently focus on Letters of Credit. While open account trade finance gained market share for many years, there was a turnaround in 2019 that saw a 6% growth in documentary trade finance revenues, which include Letters of Credit (LC), according...
10 months ago
Japan’s SMBC may invest in blockchain venture SBI R3
Last week, SBI Holdings announced it signed an MoU with Sumitomo Mitsui Financial Group (SMBC) to discuss the sale of shares of SBI R3 Japan. SBI R3 is a joint venture (JV) between SBI Holdings and enterprise blockchain firm R3 to push the adoption of the Corda blockchain technology in Japan. In 2019, the two...
a year ago