SBI Group, a Japanese financial company, has collaborated with Chainlink, a top blockchain oracle platform, to create new digital solutions for Asia’s financial institutions. The collaboration will start in Japan and subsequently spread to other APAC (Asia-Pacific) regions.
According to the announcement, the partnership will target various areas. One aim is to support real-world assets such as real estate and bonds. These types of assets can then be transferred between various blockchains via Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
They will also use CCIP and Chainlink SmartData to put important fund information, such as net asset value (NAV), on blockchain. This can make trading easier, increase liquidity, and improve efficiency.
Another focus is on foreign exchange (FX) and cross-border payments, where CCIP will help carry out secure “payment versus payment(PvP) ” transactions. They will use Chainlink’s Proof of Reserve to give transparent, on-chain proof that stablecoins are fully backed by real reserves.
Sergey Nazarov, Co-Founder of Chainlink, said, “SBI’s choice to rely on the Chainlink standard for their digital asset transactions shows that the security/reliability, compliance features, and cross-border connectivity of Chainlink are what is needed to do high-value institutional transactions.”
Yoshitaka Kitao, SBI’s CEO, said the partnership will help create “secure, compliance-focused solutions” that will accelerate the adoption of digital assets across Japan and the wider region.
SBI’s Broader Crypto Push
SBI’s new partnership is part of its larger push into the crypto and digital asset space. Recently, SBI Holdings had announced a deal with Circle, the issuer of the USDC stablecoin.
Moreover, SBI is working with Startale to build a platform for 24/7 trading of tokenized stocks and other assets. The platform will combine SBI’s financial network with Startale’s blockchain technology to address gaps that traditional tokenized stock services haven’t solved.
SBI Group and Chainlink have already worked together in the past. Along with UBS, they participated in Singapore’s Project Guardian, testing blockchain-based fund tokenization.
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