Samsung to Develop a Blockchain-Based Finance Solution for Bank and Merchants

South Korean tech giant has signed a memorandum of understanding with Israeli fintech startup Credorax.

Samsung to Develop a Blockchain-Based Finance Solution for Bank and Merchants

According to The Korea Herald, the companies will jointly develop a blockchain settlement system for European retail merchants and banks.

The solution will use the Nexledger Universal blockchain platform from Samsung SDS. It will automatically match payments and bills with bank records. Also, the system will use AI-based Samsung SDS’ Brity Works technology to automate various workflows.

“Together with Credorax, which specializes in payments solutions, Samsung SDS will try to expand its business in the European sectors that seek digital transformation,” said Hong Won-pyo, president and CEO of Samsung SDS, in a statement.

In February, Samsung SDS made amendments to its memorandum of association, calling e-finance one of the business priorities. Samsung SDS capitalization reached $3.7 billion in 2019, surpassing industry average growth rates. The company associates the observed dynamics with successes in the field of AI and blockchain.

In early February, Samsung Venture Investment Corp became one of the investors in the Digital Asset blockchain startup.