Samsung SDS unveils blockchain-based finance platform, Nexfinance

Samsung’s IT subsidiary, Samsung SDS, has unveiled a new blockchain-based finance platform called Nexfinance.

Samsung SDS provides IT services including consulting, technical services and outsourcing, and its new Nexfinance platform will offer digital identity, finance concierge, AI virtual assistant and automatic insurance payment services.

It is hoped that the platform will make it easier for financial institutions to carry out digital transformations in a secure manner.

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

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He added: “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.”

According to The Next Web, a Samsung official also stated at the event: “Nexfinance is a platform that allows the easy application of new IT technologies and various external solutions, allowing financial institutions to actively and flexibly responding to a rapidly changing financial IT environment. We provide the highest level of security by applying technology for forgery and falsification prevention and joint authentication based on blockchain technology.”

Samsung SDS already has a B2B blockchain platform, Nexledger, which was launched last year and provides services such as digital ID verification for business.

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