SBI Savings Bank of South Korea Signs MoU With Blockchain Specialist DAYLI Intelligence

05. Sep 2018 Posted by Akolkar B on News

On Monday, September 3rd, South Korean publication Money Today reported that the country’s native SBI Savings Bank has signed a new memorandum-of-understanding (MoU) with a blockchain and AI specialist company, DAYLI Intelligence.

DAYLI holds a good reputation in providing blockchain solutions to financial institutions. SBI Savings Bank plans to give its fintech business a boost by leveraging DAYLI’s expertise and knowledge. The use of blockchain solutions will help SBI in optimizing its financial products and services, maximizing work efficiency and reducing costs.

DAYLI will make use of the LoopChain-based blockchain solutions. Blockchain startup theloop has developed the LoopChain protocol which is a part of the ICON ecosystem, that aims at connecting different blockchains through an interoperable decentralized network.

The modular infrastructure of the ICON ecosystem consists of DLT, smart contracts, and other management layers which can be used for several different purposes like trading, settlements, authentication systems, and IoT.

SBI, in partnership with DAYLI, also plans to integrate is smart chatbot solution with its machine learning data analytics tool. A SBI Savings Bank spokesperson was quoted saying that this MoU is an attempt from the bank to develop and grow its fintech services along with a new user-base in response to the “rapidly changing financial environment.”

In the last few months, South Korea has been seen taking several initiatives to improve the country’s banking sector by adapting to the tectonic shifts in the financial-banking and technology sector.

In June, WorldCoinIndex reported how the South Korean banks are testing blockchain-based user identification system to provide enhanced security to their user’s bank accounts. For this, the Korean banks will be supposedly using the blockchain tool developed by country’s tech giant Samsung.

Banksign, a blockchain-based platform provides seamless integration to allow customers to transact using the mobile banking systems of any other banks. A spokesperson from the Korean Bank of Federation (KBF) said: “BankSign is the first project co-developed by the local banking sector utilizing blockchain technology (…) With BankSign, banks will have options to choose from in verifying consumer identity, not just the public certification system.”