South Korean tech giant IT solutions spin-off, Samsung SDS, has revealed that it has signed a memorandum of understanding (MOU) with a fintech and smart payments startup, Credorax which is based in Israel.

The Korea Herald reports that the two firms will work together in building payment solutions to serve European banks and merchants. The new platform will aim at enhancing efficiency for the target clients.

Part of the new platform will be built via Samsung SDS’s Nexledger Universal blockchain network with the aim of allowing merchants to instantly reconcile their payments, invoices as well as remittances with their own bank records and information. The new platform will then be integrated into a payment platform that is developed through Samsung SDS’ AI-based Brity Works which was created for certain work processes to be done automatically.

This new deal comes amid a planned effort by Samsung SDS to enter the European markets. Hong Won-Pyo, the firm’s CEO explained that Credorax has immense experience within the European market have offered various solutions to firms in the region. He added that the firm will allow Samsung SDS to easily enter in European payments sector. He 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.”

Samsung SDS recently updated its articles of association to encompass e-finance as part of its core business areas. The firm also upgraded its Nexledger blockchain to encompass zero-knowledge proof (ZKPs) results.

The new updates are meant to offer enhanced privacy levels for the firm’s clients by enabling the recording as well as authentication of transactions within a shared blockchain keeping the confidential data private.

In 2019, Samsung SDS’s value increased by $3.7 billion which above the average market growth rate for the sector. The firm attributed the positive growth to major breakthroughs in AI as well as blockchain technology. The firm aims at enhancing its growth by venturing into the European market.

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