In the most recent financial report of SBI Holdings, the company had mentioned how it would continue to expand its reach globally by creating synergies / partnerships / joint ventures through the creation of a new ecosystem based on digital resources that would realize further:
- Expansion of investments in assets based on national and foreign digital assets
- Search for synergies within the ecosystem of digital resources and synergies with the existing financial ecosystem  Create the necessary conditions for the revitalization of the cryptocurrency market
In line with this vision, the company formed a joint venture with the subsidiary of Ping An, OneConnect. This is one of the largest SaaS (Software As A Service) platforms in China. Ping An is a conglomerate of Chinese holding company whose subsidiaries deal with insurance, banking and financial services industries. In this case, OneConnect's subsidiary offers finetech services to small and medium-sized banks
To be precise, OneConnect serves 468 banks and 1,890 financial institutions in China drawing on Ping An's resources. AI, Blockchain technology, biometric identification and cloud technologies. OneConnect also serves banks in the countries of Hong Kong and ASEAN (Association of Southeast Asian Nations)
A representative of SBI Holdings has stated the following regarding the new joint venture:
We believe that cooperation between SBI and Ping An will also foster overseas expansion of Japanese regional financial institutions in China.
The terms of the agreement include SBI which holds 60% of the joint venture while OneConnect and An Ke (a subsidiary of Ping An) jointly own 40%.
This joint venture is particularly important for this makes it possible for other SBI partners, such as the Ripple Company, also to benefit from this new development. The company Ripple and SBI Holdings have been partners for over 2 years and formed the company known as SBI Ripple Asia Co.
The objectives of this latest company are as follows:
- Promoting the innovation of the monetary and financial system on the blockchain
- Conducting business development in Japan and Asia
- Providing a settlement platform using blockchain technology in Japan and the entire Asia region
As mentioned earlier, the joint venture with OneConnect further expands the reach of SBI – and potentially that of SBI Ripple – in China.