Samsung mulls blockchain adoption
The CEOs of Samsung Group subsidiaries attended a lecture on blockchain at Seoul National University, which could be a sign that the group is looking to jump on the crowded blockchain bandwagon.
Local media in South Korea also reported Samsung Group is planning to set up a blockchain system among its financial subsidiaries as early as October, to expand it to diverse financial services next year.
But a Samsung Group spokesman has denied this local report, saying the lecture was aimed at informing group executives about the “basic concepts” of blockchain.
Last month, Samsung SDS, an IT services provider and subsidiary of the group, invested in South Korean blockchain start-up Blocko as it “found it very promising”.
In the fintech arena, Samsung has been strengthening its competitive edge.
It bought LoopPay in 2015 for $250 million to launch Samsung Pay and acquired San Francisco-based Joyent this year for an undisclosed amount to upgrade its cloud platform.
The fintech scene in South Korea has been active.
SK Telecom and Hana Financial Group formed a joint venture (JV) to develop and launch a mobile financial services platform.
Its government is launching an open platform designed to let firms develop and test apps for personal finance management.
The nation’s banking sector is getting a shake up with two digital-only banks applying for regulatory approval in the second half of this year.
Korea Exchange (KRX), the securities exchange operator in South Korea, also announced plans to launch a platform powered by blockchain to liven up the off-board trading market.