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SBI Holdings will work with UAE firm TradeFinex on a Japanese joint venture aimed at boosting adoption of its enterprise blockchain platform running on the XDC Network. SBI Holding and TradeFinex will look to drive trade finance adoption of EVM-compatible enterprise blockchain XDC Network through a new joint venture in Japan. UAE-based firm TradeFinex operates its own decentralized platform operating on the XDC Network for trade finance originators to connect to a variety of banks and lending institutions. Aimed at enterprise use cases, TradeFinex is primarily focused on providing blockchain-based trade finance products including invoicing, letters of credit, purchase order finance and supply chain finance. A visual representation of TradeFinex's trade finance stack. Source: TradeFinex. The XDC Network is an EVM-compatible layer 1 network that Features interoperable smart contracts. Its documentation describes the protocol as a “highly optimized, bespoke fork” of Ethereum that

Japan’s SBI Group is aiming to bolster its Web3 business. The Japan-based FinServ company is looking to welcome institutional clients that could use its extended Web3 offerings and crypto-centric services. It’s a known fact that SBI is one of Ripple’s top partners. Hence, this means the company will likely make use of the offerings made via Ripple to help grow its business. The company recently released its financial results for the fiscal year that ended on March 31, 2023. The report highlighted that SBI VC Trade “will increase its customer and revenue base not only by the crypto asset exchange business but also by strengthening Web3 related business.” Specifically, the company is looking to, “Pioneer new business fields such as Web3 that introduce innovative technologies domestically and abroad to “go beyond finance with finance at its core.” In its report, the company did not outrightly mention Ripple . However, in one of the charts attached, they did mention “offerin