Japanese financial services company SBI Holdings has officially announced a joint agreement with the United States blockchain consortium R3 to work in Japan, according to a press release published on Jan. 29.

Back in December, SBI Holdings had already revealed its plans — according to an interview with R3’s CEO — to partner with software enterprise R3 to develop local use of its Corda blockchain platform, Cointelegraph reported on Dec. 6. Yesterday’s press release was an official announcement of the partnership.

SBI Holdings and R3’s joint agreement aims to promote the development of financial services backed with distributed ledger technologies (DLT), with plans to expand its businesses in the Eastern Asian Region.

According to the press release, the new joint venture will “support provision and introduction of the Corda license, arrange schemes for its actual use beforehand, as well as promote collaboration with overseas offices of R3 and other Corda partners.”

Previously this month, R3 had announced the launch of its Corda Network, which will allow for the transfer of data and digital assets between business networks and the different decentralized applications running on the Corda platform (CorDapps).

R3 has over 300 partners to date for collaboration on developing its open-source blockchain platform Corda, Cointelegraph wrote Jan. 16.