SBI Group, a major Japanese financial company, and Chainlink, a leading blockchain oracle platform, have announced a strategic partnership aimed at developing digital solutions for financial institutions in Asia.
Objectives and Directions of Partnership
The collaboration will focus on various areas, including supporting real-world assets such as real estate and bonds. These assets will be transferable across different blockchains using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
Innovative Technologies and Their Applications
The partnership will utilize CCIP and Chainlink’s SmartData to put important fund information, such as net asset value (NAV), on the blockchain. This will simplify trading, enhance liquidity, and improve efficiency. Additionally, it will facilitate secure ‘payment versus payment’ (PvP) transactions in foreign exchange and cross-border payments using Chainlink’s Proof of Reserve for transparency.
SBI's Broader Crypto Initiative
The partnership with Chainlink is part of SBI's larger push into crypto and digital assets. Recently, SBI announced a deal with Circle, the issuer of the USDC stablecoin, and is also working with Startale to create a 24/7 trading platform for tokenized stocks and other assets. SBI Group and Chainlink have previously collaborated in Singapore’s Project Guardian, testing blockchain-based fund tokenization.
The partnership between SBI Group and Chainlink has the potential to significantly accelerate the integration of digital assets into the financial systems of Japan and other Asia-Pacific countries.
