November 22, 2024

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[THE INVESTOR] Samsung SDS on June 4 unveiled a new blockchain-based digital finance platform called Nexfinance as it is speeding up partnerships within the financial and insurance industries.

The IT services unit of Samsung Group said the new open platform, based on artificial intelligence, blockchain and big data technologies, supports financial organizations to offer more convenient services with heightened security. They include: digital identity, a blockchain-based ID for safer customer data use; finance concierge, an asset management service based on AI and big data analysis; AI assistant and automatic insurance claims both aimed at improving customer convenience overall in using financial services. 

Samsung SDS CEO Hong Won-pyo

The firm said it is already working with financial organizations for wider adoption of the platform. It has been working on an authentication system together with its sister firm Samsung Card since last year and is doing a similar project with Korea Federation of Banks this year. More recently, it has been named a preferred bidder to build a blockchain system project for Korea Life Insurance Association.

“Samsung SDS is starting digital finance business in earnest through Nexfinance. We aim to become a partner for the financial industry’s digital transformation,” said Yoo Heung-joon, digital business chief of Samsung SDS.

By Lee Ji-yoon (jylee@heraldcorp.com)