Samsung SDS, Credorax ink blockchain-based financial services partnership

Published : Mar 4, 2020 - 16:32 Updated : Mar 4, 2020 - 16:45

From left: Credorax Chief Technology Officer Moshe Selfin, Samsung SDS Europe President Im Jong-cheel and Credorax CEO Igal Rotem pose for pictures at the Credorax headquarters in Herzliya, Israel, Tuesday. Samsung SDS CEO Hong Won-pyo joined the signing event via conference call along with Samsung SDS Chief Strategy Officer Lim Soo-hyun and Hong Hye-jin, executive vice president of Samsung SDS’ blockchain center. (Samsung SDS)

Samsung SDS has signed a memorandum of understanding with Credorax, an Israel-based fintech and smart payments provider to nations in the European Union and European Economic Area, according to the company on Wednesday.

The two companies will cooperate on Samsung SDS’ Nexledger Universal platform to develop a blockchain-based finance solution for bank and merchants so they can automatically reconcile payments, remittances and invoices with their bank records.

The partners also aim to develop a payment platform using Samsung SDS’ Brity Works, the company’s AI-based solution designed to automate different work processes, it 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,” said Hong Won-pyo, president and CEO of Samsung SDS, in a statement.

Previously, Samsung SDS made changes to the company’s articles of association, to include e-financing among its business areas, according to a regulatory filing Feb. 18. The company explained that the change was made to assist new platform-based financial businesses that use big data and to increase cooperation with other firms in the industry.

By Shim Woo-hyun (ws@heraldcorp.com)