South Korean tech giant Samsung has just signed a memorandum of understanding with Israeli fintech startup Credorex, The Korea Herald reports.
According to the agreement, both companies will cooperate to develop a solution for bank and merchants based on blockchain technology.
The solution will use Samsung SDS' Nexledger Universal blockchain platform and will allow the automatic reconciliation of payments, remittances and invoices with their bank records.
In addition, the system will use Samsung SDS' Brity Works, the company's AI-based technology to automate several processes. Samsung SDS CEO Hong Won-pyo 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."
It has recently been known Samsung Venture Investment Corp has become one of the investors in the blockchain startup Digital Asset.
Samsung SDS has recently made several of changes to the company's articles of association in order to include e-financing among its business areas.
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