Samsung eyes enhancing finance competition with blockchain

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A subsidiary of South Korean electronics giant Samsung has introduced a new finance platform based on the blockchain. Nexfinance, offered by Samsung SDS, is a platform that offers solutions such as digital identity, automatic insurance payments, a finance concierge and an artificial intelligence (AI) virtual assistant. Samsung indicated that the platform will be a valuable resource to assist with secure digital transformation by financial institutions, as well as other companies.

Nexfinance uses the blockchain to help protect customer information, while the concierge employs AI and data analytics to manage client assets. Additionally, the AI assistant, in conjunction with the automatic insurance, is designed to help the company improve customer relations. The Nexfinance platform, in addition to the blockchain, will employ characteristics of AI, advanced IT technologies (such as intelligent process automation) and AI.

CEO of Samsung SDS CEO Hong Won-pyo said in a statement about Nexfinance, “New technologies such as biometric, AI, and blockchain are bringing out the urge for a fundamental innovation in the finance industry.” He further explained, “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.”

The launch of Nexfinance follows that of Nexledger, Samsung’s secure digital finance transactions service, which was introduced last year. In November, the company was chosen by the Seoul government to create a blockchain platform for the city, and the offerings mark a continued expansion into the blockchain space by the electronics company.

Samsung SDS is the information technology (IT) arm of the Samsung Group. It was created in 1985 to provide a range of IT services. More recently, it has expanded its activities to cover the blockchain, engineering outsourcing, AI and the Internet of Things. Currently, the company maintains 11 offices and data centers in 11 countries.

In 2017, Samsung replaced Intel as the world leader in semiconductor manufacturing. In January, it began offering application-specific integrated circuit (ASIC) chips for use in cryptocurrency mining operations. Samsung remains focused on being a major player in the crypto industry and, with the ASIC chips, hopes to control the Bitcoin mining market.