Samsung To Develop Blockchain-Based Financial Services With Credorax
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Samsung To Develop Blockchain-Based Financial Services With Credorax

March 4, 2020      Jyoti Singh

Samsung’s enterprise technology along with Credorax would design a blockchain-based finance solution for bank and merchants. On March 04, 2020, Samsung SDS signed an MoU with Israel-based fintech and smart payments providers to the nations in the European Union and European Economic Area. The project would allow the merchants and the banks to reconcile payments with their bank records.

Payment Platform

Apart from developing blockchain-based finance solution, the companies also plan to build a payment platform using Samsung SDS’ Brity Work.

Recently, while interacting with local media, Hong Won-pyo, the CEO and the president of Samsung SDS, has said, “Together with Credorax, which specializes in payments solutions, Samsung SDS will try to expand its business in the European sectors that seek digital transformation.”

Presently, Credorax has not said anything regarding its partnership with Samsung SDS.

You May Also Read: Samsung SDS Piloting Blockchain-Based Medical Insurance Network.

SDS Included e-Finance

According to the report, in February 2020, the Samsung SDS changed its articles of association so that it could include e-finance in its business areas. In the year 2019, the value of SDS was increased by $3.7 billion, which was the above-average growth rate for any tech company.

Earlier, while interacting with the Korean Herald, Im Soo-Hyun, the chief strategy officer, stated that earlier they used to provide best IT solutions to Samsung but presently, they have been working with the global enterprise customers to redefine their industries with the help of AI, and blockchain technology. Soo-Hyun also mentioned that currently, their businesses which are not related to Samsung has been growing up to 40 to 60 percent annually.

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#Bank and merchants #Brity Work #Credorax #European Union and European Economic Area #Hong Won-pyo #Im Soo-Hyun #Samsung SDS #Samsung’s enterprise technology
Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.