Samsung SDS, the IT services subsidiary of the South Korean chaebol, partnered with Credorex, Israel-based fintech and smart payments provider, to enter the lucrative payments markets of the European Union (EU) and European Economic Area (EEA).
The enterprise technology arm is building a blockchain-based settlements solution for merchants and banks. The product, which hasn’t yet been named publicly, will work on Samsung SDS’ Nexledger Universal platform, the proprietary blockchain first unveiled in 2017. Work processes will be automated using AI technology from Brity Works, another Samsung SDS company.
According to Samsung SDS president and chief executive Hong Won-pyo, the agreement with Credorax, which has already provided solutions to companies across the European Union and broader economic area, will enhance the Korean tech company’s presence in the region’s payments sector. “Together with Credorax, which specialises in payments solutions, Samsung SDS will try to expand its business in the European sectors that seek digital transformation,” he said.
In addition to the blockchain platform, the two partners will also automate the payments process leveraging artificial intelligence (AI) using Samsung SDS’ Brity Works platform.
Samsung has been diving deep into the blockchain arena lately. Its flagship phones already support decentralised apps, building a mobile-based blockchain ecosystem. The company also has stakes in multiple blockchain startups including hardware wallet maker Ledger.
SDS’ value grew by $3.7 billion in 2019, an above-average growth rate for the broader tech sector. Chief Strategy Officer Im Soo-hyun attributed the company’s good fortunes to successful inroads into AI and blockchain technology.