Sequoia is on the verge of securing its inaugural agreement in India and the larger Asia Pacific region following its separation from former collaborators, say four individuals familiar with the situation.

The global investment firm, recognized as one of the largest, is in advanced negotiations to invest in Vance, a cross-border payments enterprise based in Bengaluru, the sources disclosed, requesting discretion due to the ongoing and confidential nature of the discussions.

If the transaction proceeds, it would mark the company’s initial undertaking since dividing from Sequoia India and Southeast Asia in the middle of last year. The prior Sequoia segment has since adopted the name Peak XV Partners.

Moreover, Sequoia severed ties with its renowned China division, headed by Neil Shen, due to escalating geopolitical strains between Washington and Beijing. The earlier China division has been renamed HongShan.

All three companies are displaying signs of venturing into each other’s domains.

FT reported earlier this week that HongShan is exploring opportunities in Europe and North Asia as it endeavours to utilize its $9 billion fund. Concurrently, Peak XV Partners has established a presence in the U.S. and plans to invest in American-based enterprises, according to distinct sources acquainted with the firm’s intentions. The firm committed to an Australian startup the previous year.

“Our teams in India and China have cultivated outstanding businesses,” Sequoia chief Roelof Botha remarked at a recent Fortune conference. However, the choice to separate from the India and China units, Botha stated, “is among pivotal moments — one or two decisions annually that result in significant impacts for the company. [It’s] not a choice we can reverse after two years and say, ‘Oops, sorry, we should revert to being a single entity.’”

Sequoia’s U.K. division — which is fully integrated with Sequoia U.S. — has suggested leading a $30 million to $32 million funding series in Vance, some of the sources mentioned.

Vance, which includes Y Combinator and Hummingbird among its investors, manages a financial services application aimed at Indians residing abroad. Through this application, they can transfer funds to relatives and friends in India and also invest in Indian equities and mutual funds.

The company is handling close to $1 billion in annual payments, as per one of the sources.

Both Sequoia and Vance refrained from providing comments on Friday.