Sumitomo Mitsui invests in SBI's subsidiary to build a financial service foundation for businesses and individuals using blockchain

According to the Nikkei News, Mitsui Sumitomo Financial Group and SBI Holdings have used blockchain to build a financial service foundation for businesses and individuals. Sumitomo Mitsui will invest 14%, take over the shares of SBI and its subsidiary SBI R3, and popularize distributed ledger technology services in corporate trade finance and personal interbank remittances. In addition, SBI's "Money tap" subsidiary that uses Ripple settlement service technology xCurrent is also funded by Sumitomo Mitsui.