Samsung SDS reveals that blockchain-based financial platform is Nexfinance

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The platform will offer services to enhance the Samsung financial activities such as digital identity, finance doorkeeper, artificial intelligence (AI) virtual assistant, and automatic insurance payment system.

The firm said it is already working with financial organizations for wider space to help the Nexfinance platform. It has been working on an authentication system together with its sister firm ‘Samsung Card’ since last year and is doing a similar project with Korea Federation of Banks by this year. More recently, it has been a named preferred bidder to build a blockchain system project for Korea Life Insurance Association.

Samsung SDS said the platform will help sharply financial institutes and other private companies with their latest digital transformation system in a much-secured way.

“The AI assistant and automatic insurance will help to ensure customer to build better relations, between customers,” Samsung SDS said.

Nexfinance's digital identity service is a blockchain-based financial activity that is able to protect customer information, while finance doorkeeper uses AI and big data analytics to help clients manage their assets.

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

"We have just 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 also.

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