SBI Savings Bank of South Korea has signed a memorandum of understanding with DAYLI Intelligence, a specialist in AI technology and blockchain, to strengthen its fintech business, Money Today reports on September 3.
DAYLI Intelligence provides blockchain solutions and AI-based technology infrastructure for financial institutions. The study will assist SBI in the implementation of blockchain and machine learning to maximize work efficiency and reduce costs on various financial products and services.
DAYLI will provide SBI based solutions on "LoopChain", the protocol that has developed along with blockchain theloop startup as part of the ICON ecosystem. This is a project that aims to act as an interoperable decentralized network that connects different blockchains.
Its modular structure includes what is called distributed accounting, intelligent contract and management levels that can be implemented for use cases such as authentication, settlement, negotiation and Internet of Things (IoT) systems.
SBI will also work with DAYLI on the integration of its DAVINCI BOT marketing smart bot solution and a machine learning data analysis tool called DAVINCI LABS.
An SBI Savings Bank official is quoted as saying that the new MoU is part of the bank's attempt to stimulate the development of fintech services and to develop a new user base in response to a rapidly changing financial environment. "
As Cointelegraph reported, both the regulatory and legislative developments for Korea's blockchain space have taken a positive turn in recent months.
In May, the government has indicated plans to lift its infamous generalized ban on initial bids of national currencies (ICO), which the National Assembly continues to discuss, also suggesting plans to advance the creation of the "island" Blockchain "own of South Korea.
Local regulators also pledged to introduce new legislation that would be conducive to blockchain investments, and three Korean ministries would work to produce the final draft of a global classification scheme for the blockchain for the country. Several days ago, a South Korean province revealed that it would issue its own blockchain-based digital currency to replace a state loyalty scheme.