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SBI Savings Bank of Korea Embraces AI and Blockchain Tech, Signs MoUs

Blockchain technology keeps finding more acceptance across fintech markets in the world. The latest being South Korea’s SBI Savings Bank, which has embraced the technology by signing an MoU with DAYLI Intelligence to give a boost to the fintech business.

DAYLI Intelligence is an expert in Blockchain and Artificial Intelligence technology and they offer blockchain based solutions and AI-based technology infrastructure for the finance market. SBI hopes to integrate both blockchain and machine learning in their system so that they can optimize the efficiency of the institution. This would also help them cut costs across myriad financial products and services.

The solution that DAYLI is offering SBI is based on ‘LoopChain.’ Now what exactly is that? It is nothing but a protocol which has been developed in conjunction with blockchain startup ‘theloop’ within the ICON ecosystem. The ICON ecosystem is an interoperable decentralized network project that joins connects different blockchains together.

It has all the important aspects integrated in it. The modular structure consists of the distributed ledger, smart contract, and management layers that will find a plethora of use in use cases such as authentication systems, settlement, trading, and the Internet of Things (IoT).

The MoU that has been signed between SBI and DAYLI is an indicator of the former’s intent to boost the fintech sector and embrace new technology by encouraging innovation. SBI is also looking to integrate DAYLI’s DAVinCI BOT and DAVinCI LABS which is a marketing smartchat bot solution and a machine learning data analytics tool, respectively

With South Korean regulators offering more legitimacy to the blockchain industry by allowing for its integration in major sectors, it is actually transforming the country in a tech-savvy one, that is keeping up with the times. It is hoped that in the coming times, South Korea will continue to encourage innovation in the blockchain industry.