Samsung SDS Announces The Launch Of Its Latest Blockchain Financial Platform Nexfinance

By Hannah June 5, 2018 Digital Currency No Comments

The IT arm of electronics giant Samsung, Samsung SDS has revealed the launching of its recent blockchain platform called Nexfinance for financial institutions.

The new blockchain platform conglomerates previous and new technologies including big data analytics, artificial intelligence (AI) and intelligence process automation to assist companies in the financial sector in effect to adopt digital transformation. Samsung SDS vice president of financial business Yoo Hong-jun stated in a statement that:

“Samsung SDS is planning to launch its digital finance business through Nexfinance, a digital financial platform that combines proven technology and new technology.”

Nexfinance will offer services including digital identity, financial concierge, automatic insurance payments and an AI virtual assistant, according to the company. Additionally, the company will be ‘open’ for developers and clients to create third-party solutions over the platform.

Its digital identity offering will precisely use blockchain-based identification to protect customer information and allow permissioned participants of the blockchain to effectively get the data. Being an asset management service, the financial concierge uses AI and big data analysis to help supervise assets better. The AI virtual assistant automates billing of customer insurance claims, making it a seamless, more effective process for customers noted Samsung.

During a press conference in Seoul following the launch of the new platform Samsung SDS CEO Hong Won-pyo noted, “We have completed the design for Nexfinance aimed at the insurance industry and we will continue to put in efforts to innovate the digital finance industry.”

Even though there is very little detail released, the company confirmed that it was planning out a ‘co-certification’ blockchain project initiated by Korea Federation of Banks this year following the creation of a blockchain-based user authentication system for Samsung Card, the company’s credit card company, 2017.

Prior to Nexfinance, Samsung SDS launched its enterprise blockchain platform and cloud solution Netledger earlier in 2017.