Japan-based financial group SBI Holdings has entered into a memorandum of understanding (MoU) with US-based CRB Group, the parent company of Cross River. The agreement covers a strategic business alliance, a strategic investment by SBI Holdings in CRB Group, and a basic agreement to work towards establishing a joint venture in Japan. Financial terms of the investment have not been disclosed, and no timeline has been given for the joint venture.
All initiatives outlined in the MoU remain subject to further discussions, the execution of definitive agreements, and regulatory approvals from the relevant authorities in Japan and the US.
Joint venture to focus on tokenisation, payments, and AI agents
The planned joint venture will draw on the technologies, expertise, customer bases, and networks of both groups to offer financial services and related products from SBI Group and CRB Group to customers in Japan and the wider Asia-Pacific (APAC) region.
The companies have identified three initial business areas. The first is the development, structuring, and distribution of tokenised products backed by real-world assets (RWAs), including loan receivables. The second is cross-border payment services built on the banking and payment infrastructure of both companies, while the third covers agentic commerce, including payment infrastructure for transactions initiated by AI agents.
These areas align with activities both groups already pursue. Cross River lists digital assets and agentic commerce among its offerings, while SBI Group operates crypto asset exchanges and issues a yen-denominated stablecoin.
Stablecoin settlement and two-way distribution
Beyond the joint venture, the alliance includes plans to integrate ‘JPYSC’, a trust-type yen-denominated stablecoin, onto Cross River’s platform as a settlement option for institutional, cross-border, and tokenised asset transactions. JPYSC was jointly developed with Startale Group and is issued by SBI Shinsei Trust & Banking. SBI describes it as the first stablecoin of its type in Japan.
The collaboration is structured to work in both directions. SBI Group intends to use its distribution network and banking infrastructure to offer Cross River’s fintech solutions, including its embedded banking and payments infrastructure, to consumers and businesses in Japan and APAC. In turn, on-chain financial products from SBI Group companies would be offered through Cross River’s platform.
The two companies are also exploring whether SBI Holdings could act as a strategic cornerstone limited partner in a new Cross River-affiliated asset management vehicle focused on private credit and structured products.
For Cross River, the alliance provides a potential route into Japan and APAC through SBI’s existing distribution and banking channels. For SBI, it offers access to a US platform for its stablecoin and on-chain products. According to the companies, the collaboration aims to develop financial infrastructure with global reach and accelerate the adoption of digital financial services in Japan and the broader APAC region.
