Samsung will develop a blockchain settlement platform for the European market Samsung will develop a blockchain settlement platform for the European market

Samsung will develop a blockchain settlement platform for the European market Samsung will develop a blockchain settlement platform for the European market

Samsung’s South Korean tech giant has signed a protocol of understanding with Israeli fintech startup Credorex. According to The Korea Herald, the companies will jointly develop a blockchain settlement system for European retail outlets and banks.

The solution will use the Nexledger Universal blockchain platform from Samsung SDS. It will automatically correlate payments and bills with bank records. Also, the system will use Brity Works technology from Samsung SDS based on AI to automate various workflows.

 

“Together with Credorax, which specializes in payment solutions, Samsung SDS will try to expand its business in sectors seeking to digitally transform the European market,” said Hong Won-Pio, President and CEO of Samsung SDS.

 

In February, Samsung SDS made amendments to its memorandum of association, calling e-finance one of the business priorities. Samsung SDS capitalization reached $ 3.7 billion in 2019, surpassing industry average growth rates. The company associates the observed dynamics with successes in the field of AI and blockchain.

In early February, Samsung Venture Investment Corp became one of the investors in the Digital Asset blockchain startup.

Alexey Shternshis
Pi Capital Union

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