The Blockchain Insurance Industry Initiative (B3i) has announced Japan’s SBI Group as its latest investor, taking its shareholder base to 17.
SBI Group of Japan has invested in the firm through its SBI AI&Blockchain Fund, which was launched in January 2018 to support open innovation between investors and investee firms, increase the value of investee firms, and actively help investors leverage new technologies.
An announcement on this new shareholder relationship states that since its founding, SBI Group has had a focus on the establishment of an Internet-based financial ecosystem within securities, banking and insurance, driving growth via the aggressive utilisation of new technology.
“B3i is a great showcase of the insurance industry using blockchain technology based upon R3’s Corda. Synergy can be expected between B3i and SBI Group as well as SBI’s other investee companies,” said Yoshitaka Kitao, SBI Group Chief Executive Officer (CEO).
B3i announced in April of this year the additions of Mapfre Re, Deutsche Rück, and VIG Re, as shareholders, and this latest addition takes its total number of shareholders to 17.
B3i Chairman, Antony Elliott, said: “We are very pleased to see SBI joining our growing community of shareholders. With its strong background in supporting Fintech start-ups, SBI will bring a depth of experience to the company and offer opportunities for expanding global partnerships with associated businesses.
“We look forward to deepening our relationship with the wider SBI Group and the Japanese market as we explore the application of B3i’s offerings in the Japanese insurance sector and beyond.”
