​Samsung SDS Unveils Blockchain-based Finance Platform Nexfinance

Samsung SDS has unveiled a new blockchain-based finance platform, dubbed Nexfinance.

The platform will offer services such as digital identity, finance concierge, artificial intelligence (AI) virtual assistant, and automatic insurance payment.

Samsung SDS said the platform will help financial institutes and companies with their digital transformation securely.

Nexfinance's digital identity service is blockchain-based and will help protect customer information, while finance concierge uses AI and big data analytics to help clients manage their assets.

The AI assistant and automatic insurance will help customer relations, Samsung said.

"New technologies such as biometric, AI, and blockchain are bringing out the urge for a fundamental innovation in the finance industry," said Samsung SDS CEO Hong Won-pyo at a press event in Seoul.

"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," he added.

Nexfinance is also an open platform that will allow clients to apply third-party solutions.

Samsung SDS last year launched its first blockchain-based finance service called Nexledger aimed at secure digital transactions.

In November, it won an order from the city of Seoul to make a blockchain platform for administrative use.

PREVIOUS AND RELATED COVERAGE

Samsung hires AI experts for research boost

Samsung Electronics has hired artificial intelligence experts Dr H Sebastian Seung and Dr Daniel D Lee to expand its global R&D competence.

Blockchain and business: Looking beyond the hype

Large parts of the enterprise may well get retooled using blockchain technology, and new blockchain-based business models may emerge. But don't expect this to happen overnight.

Samsung confirms production of cryptocurrency mining chips

Future mining rigs could make use of Samsung chips to mine cryptocurrency.

Blockchain: The 2 most important things to understand

Don't dismiss blockchain because of the current over-exuberance. There are a few places where it's ready to have a major impact.

Blockchain: A cheat sheet (TechRepublic)

This comprehensive guide covers everything you need to know about the innovative blockchain technology that powers Bitcoin, Litecoin, and other cryptocurrencies.

RECENT NEWS

How Fintech Is Revolutionizing Traditional Banking

How fintech is revolutionizing traditional banking is a topic that is garnering positive and immense discourse within th... Read more

Blockchain And Its Impact On Fintech Industry

Blockchain and its impact on Fintech Industry has become a hot topic in the current digital era. The amalgamation of blo... Read more

The Rise Of Fintech In The Digital Era

In the heart of the digital revolution, we've observed a term termed as "fintech" creating a substantial and transformat... Read more

Role Of Fintech In Transforming Retail Banking

The role of fintech in transforming retail banking is producing significant changes in the financial services industry. ... Read more

Fintech Innovations In Asset Management

Financial technology, or FinTech, refers to the blending of financial services with technology. The importance of FinTec... Read more

Exploring The Future Of Accounting Software: Unveiling The Power Of AI

The revolutionary ignition sparked by artificial intelligence (AI) cannot be understated in contemporary business ecosys... Read more