Samsung SDS, an IT subsidiary of South Korean tech giant Samsung Group, has announced a blockchain and artificial intelligence (AI)-based financial platform, Nexfinance.

“Nexfinance is a digital financial platform with advanced IT technologies such as artificial intelligence, block chains, big data analysis, and intelligent process automation,” the official release states.

The company said that the platform aims to enhance the competitiveness of the digital financial services provided by financial institutions. The innovative platform will offer services such as digital identity, financial concierge, AI virtual assistant, and automated insurance claim.

“Digital identity is a block-chain-based identification that can securely transmit personal information. Financial concierge is a financial asset management service that utilizes artificial intelligence and big data analysis. The AI virtual assistant / claim automatic billing automates the financial institution work, making it possible for the customer to provide fast and convenient services,” Samsung SDS said.

Samsung SDS explained that Nexfinance is an open platform that can easily adapt new IT technologies and various external solutions, enabling financial institutions to actively and flexibly respond to the rapidly changing financial IT environment. It also provides the highest level of security by applying forgery prevention and joint authentication technology based on blockchain technology.

"Samsung SDS is planning to launch its digital finance business through Nexfinance, a digital financial platform that combines proven technology and new technology," said Yoo Hong-jun, vice president of finance business at Samsung SDS.

Earlier this year, Samsung SDS announced its plans to leverage advanced technologies such as artificial intelligence (AI) and blockchain for its smart logistics platform.

In 2017, the company announced "Nexledger," a blockchain platform that is developed for industries and corporations and will begin its full-fledged initiatives to tap the blockchain industry. In collaboration with the Korean government and state-run research centers and logistic companies, it launched a consortium to bring blockchain technology to the country’s shipping industry.

Samsung SDS has also been selected by the Seoul Metropolitan government to bring blockchain technology to administrative processes.

[Note: Some sections of the article has been translated from Korean]