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In an event today, Samsung SDS financial division head Yoo Hong-jun said

“We are planning to move forward with the digital financial business through Nexfinance, a digital financial platform that combines proven and new technologies.”

Nexfinance will revolve round options like electronic identity, an AI virtual helper, a fund concierge, and automated insurance payment. The platform will encourage financial firms in forcing electronic transformation in a safe method.

Blockchain technology will be leveraged to get the platform's digital identity solution, while AI large data tools will support services like finance concierge and automated insurance.

“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,” Samsung SDS CEO Hong Won-pyo said. 

    According to a Samsung SDS representative, “Nexfinance is a platform that allows the easy application of new IT technologies and various external solutions, allowing financial institutions to actively and flexibly respond to a rapidly changing financial IT environment.” 

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This past year, Samsung SDS declared it had been working together with the Seoul Metropolitan Government to utilize blockchain for the town's administrative direction. The local authority intends to move several regions of government to blockchain from 2022, including transport, public safety, and welfare.

The IT subsidiary of Samsung has developed yet another blockchain platform, Nexledger. It gives digital payments, individuality, and authentication solutions to business clients.