SBI XDC Network in APAC Launched to Facilitate Efficient Trade Finance

SBI Holdings has finished constructing “SBI XDC Network APAC”, a joint venture in Japan, with TradeFinex Tech, the proponent of the XDC Network, an enterprise-oriented blockchain created to improve effectiveness in trade finance. The joint venture operation is owned jointly by SBI Holdings and TradeFinex, with SBI holding a 60% stake and TradeFinex 40%. XDC Network was established in 2017 with the purpose of providing a blockchain-based platform for trade finance and payment operations. It features a smart contract technology that makes it possible to convert real-world assets such as bonds into tokens and digitalise trade paperwork, all while offering a secure, fast, and inexpensive blockchain solution. Thus far, the SBI Group has been offering a variety of services connected to the XDC Network. This includes SBI VC Trade partnering with the SBI Group to become Japan's first exchange to manage XDC tokens. Going ahead, the SBI Group will not just concentrate on services associated with the XDC token, but also strive to raise the implementation of the XDC Network's blockchain technology in international financial transactions, primarily in trade finance and international payments. Additionally, in the initial phase of the joint venture, SBI XDC Network APAC has begun a PoC trial linking the XDC Network, SBI R3 Japan's Corda platform, and IMPEL GLOBAL's Corda Bridge. This experiment will involve conducting business-to-business payments in XDC via Corda and Corda Bridge. The hybrid blockchain, which has both private and public properties, allows for a comprehensive service that can process both private-sector data such as transaction details as well as public-sector data like the transfer of value in one go. This offers a convenient and easy payment solution for international transactions and cross-border trades, when compared to the processes for fiat currency transactions. As part of our Tokyo FinTech Publication, please feel free to join our hundreds of readers every day and check out more of our writers. For a quick weekly update, sign up for our “Japan FinTech Observer”, available on both Medium and LinkedIn. If you plan to reside in Tokyo or simply transit through the city, we welcome you to attend the Tokyo FinTech Meetup. Regardless, our YouTube channel and LinkedIn page are also available to you.

Source: https://medium.com/tokyo-fintech/sbi-xdc-network-apac-established-to-enable-efficient-trade-finance-f4f40d6a03c6?source=rss------fintech-5