Sunday, March 29, 2020

Korea’s SBI Signs Agreement with Blockchain and AI Specialist

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SBI Saving’s Bank in South Korea has just recently signed a Monument of Understanding (MoU) with leading specialist in the blockchain technology and Artificial Intelligence (AI), DAYLI Intelligence.

Fintech companies keep turning to blockchain solutions, as the trailblazing technology continues to generate wide acceptance across all major sectors and fields. The recent agreement is just one of few other key moves that have been made by the bank to improve its fintech business, as reported by Money Today.

DAYLI Intelligence Inc, which was incorporated in 2015 is one of the leading experts in AI and blockchain technology in the whole of Asia. The company provides blockchain solutions and AI-based tech infrastructure, to support different financial enterprises and institutions. By employing machine learning, AI, and blockchain tools, the firm is set to maximize SBI’s products and services, financially and economy wise. One of the major projects resulting from this collaboration would be the integration of smart chatbots to improve efficiency and ease of marketing significantly. The bot, called DAVinCI BOT, and also the DAVinCI LABS (data analytic) would be using a repertoire of rich data analysis, to make necessary and helpful predictions.

The recently signed agreement, according to an insider in SBI Savings Bank is a calculated effort to maximize fintech services as much as possible, and to facilitate a new growing user base of a “rapidly changing financial environment.”

The timing can’t be more right with the encouraging turn of positive events regarding the issue of digital tokens and blockchain regulations in South Korea. Legislative implementations have been all of a sudden overwhelmingly positive with the government revealing major plans to lift its infamous blanket ban on ICOs and even going as far to suggest the creation of a “blockchain island” similar to the one Malta recently passed into the law.

From reports, South Korean ministries are currently working to produce a plenary blockchain industry classification scheme for the country, as South Korea continues to involve itself in more blockchain-related solutions.

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