Samsung SDS, the company’s IT services subsidiary, has announced the launch of its own digital banking platform ‘Nexfinance’ for finance-related businesses. Nexfinance is a platform that integrates technologies such as blockchain, Artificial Intelligence (AI), and the Internet of Things (IoT) so that companies in the financial sector can transform their digital strategies.

“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. It will be a companion to solve the troubles of the organization."

Nexfinance will offer services such as digital identity, financial concierge, AI virtual assistant, and automatic insurance claim through financial intermediation company's digital innovation experience. Digital identity is a blockchain-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.

Nexfinance is an open platform, 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.

Several companies across the sectors are launching their own blockchain platforms, e.g. recently LG's one of subsidiaries LG CNS created their own blockchain - ‘Monachain’ for improving operations in the finance, manufacturing, and communication sectors. In fact, Samsung was also mulling the use of a blockchain platform to manage its own global supply chain operations.