​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.

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