Samsung to Target EU Payments Sector With Blockchain-Based Answer for Banks

Samsung’s organization engineering arm is developing a blockchain-primarily based settlements solution for retailers and financial institutions.

The Korea Herald documented Wednesday that Samsung SDS experienced signed a memorandum of comprehending with Israeli fintech options provider Credorax to create the solution, aimed to develop efficiencies by instantly logging payments facts on financial institution data and ledgers.

The products, which has not nevertheless been named publicly, will operate on Samsung SDS’ Nexledger Common platform, the proprietary blockchain to start with unveiled in 2017. Get the job done processes will be automated using AI engineering from Brity Will work, one more Samsung SDS firm.

Hong Won-pyo, Samsung SDS president and CEO, explained to regional media that its arrangement with Credorax, which has already offered options to organizations throughout the EU and broader economic area, will enable the Korean tech firm to get a foothold in the region’s payments sector.

“Jointly with Credorax, which specializes in payments options, Samsung SDS will consider to broaden its organization in the European sectors that seek digital transformation,” he explained.

Credorax did not immediately answer to requests for remark.

Samsung SDS changed its article content of association in February to involve e-finance as a single of its key organization areas. SDS’ worth grew by $3.7 billion in 2019, an earlier mentioned-average advancement charge for the broader tech sector. Speaking to the Korea Herald, chief approach officer Im Soo-hyun attributed the company’s excellent fortunes to successful inroads into AI and blockchain engineering.

In November 2019, Samsung SDS declared it would improve privateness on Nexledger via a partnership with Israeli-primarily based QEDIT to combine zero-understanding proofs into the platform. A medical-claims processing program built on major of the Nexledger platform, launched at the stop of final year.

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