​Blockchain insurance initiative B3i unveils SBI Group as 17th investor

​The blockchain insurance industry initiative B3i has grown its investor based as SBI Group confirmed it has become an investor via its SBI AI & Blockchain Fund.

This brings the number of shareholders in B3i up to 17, which the initiative said reflects ongoing support from the market and reinforces its strategy to build a platform and protocol to address critical insurance market needs.

The SBI Group of Japan is focused on building an Internet-based financial ecosystem within securities, banking and insurance and actively drives growth through new technology. Its SBI AI&Blockchain Fund, launched in January 2018, aims to support open innovation between investors and investee companies. It also works to increase the value of investee companies, and actively helps investors implement and use new technologies.

Yoshitaka Kitao, SBI Group CEO, said: “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.”

Antony Elliott, chairman of B3i, commented: “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”.