Samsung SDS, a subsidiary of Samsung Group that focuses on information technology (IT) services, announced they will be launching Nexfinance, a new digital finance platform built on artificial intelligence (AI) and blockchain technology. Speaking on Monday during a media event, Samsung SDS financial division head Yoo Hong-jun stated:
“We are planning to move forward with the digital financial business through Nexfinance, a digital financial platform that combines proven and new technologies.”
Offering digital identity management, finance concierge, and automatic insurance payment services, the platform will utilize AI and blockchain technology to ensure secure transmission of personal information for the digital identity service. The finance platform will be openly-sourced, so clients will be able to apply third-party solutions.
A Samsung SDS official elaborated further on Nexfinance at a press event in Seoul today:
"Nexfinance is a platform that allows the easy application of new IT technologies and various external solutions, allowing financial institutions to actively and flexibly respond to a rapidly changing financial IT environment. We provide the highest level of security by applying technology for forgery and falsification prevention and joint authentication based on blockchain technology."
In the past, Samsung SDS has incorporated blockchain technology for its services. Last year Samsung SDS and Blocko announced that they were developing blockchain for the conglomerate's credit card company Samsung Card.
In November 2017, Samsung announced that it would be expanding its blockchain business from industries to the public sector, marking its newly clinched deal with the Seoul Metropolitan Government. In March 2018, Samsung SDS also announced its latest smart upgrades to its “cello” logistics platform which leverages artificial intelligence and blockchain technology to improve operational efficiency.