Samsung SDS, the IT services subsidiary of the South Korean giant, partnered with Credorex, an Israel-based fintech and smart payments provider, to tap into the European payments market.
As reported by The Korea Herald on Wednesday, the two companies will cooperate in developing a blockchain-based finance solution for banks and merchants. Based on Samsung SDS’ Nexledger Universal, the decentralized solution will allow its clients to automatically reconcile payments, remittances, and invoices with their bank records.
With this partnership, the electronics giant is eying to enter the lucrative payments markets of the European Union (EU) and European Economic Area (EEA).
Explaining the nature of the partnership, Hong Won-pyo, president and CEO of Samsung SDS, told the local publication: “Together with Credorax, which specializes in payments solutions, Samsung SDS will try to expand its business in the European sectors that seek digital transformation.”
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.
A planned move to enter into a lucrative business
The regulatory filings of Samsung SDS on February 18 also show that the company has made changes to its articles of association, to include e-financing among its business areas. It 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.
Meanwhile, Samsung is also diving more and more into the blockchain arena. Its flagship phones already support decentralized apps, building a mobile-based blockchain ecosystem. The company also has stakes in multiple blockchain startups, including hardware wallet maker Ledger.