South Korea’s SBI Savings Bank has signed an MoU with DAYLI Intelligence, a specialist in AI and blockchain technology, to bolster its fintech business.
DAYLI Intelligence provides blockchain solutions and AI-based tech infrastructure for financial institutions. The firm will reportedly assist SBI in implementing both blockchain and machine learning to maximize work efficiency and reduce costs across various financial products and services.
DAYLI will provide SBI with solutions based on ‘LoopChain,’ the protocol that it has developed alongside blockchain startup theloop as part of the ICON ecosystem. The latter is a project that aims to serve as an interoperable decentralized network connecting different blockchains.
Its modular structure reportedly comprises distributed ledger, smart contract, and management layers that can be implemented for use cases such as authentication systems, settlement, trading, and Internet of Things (IoT).
SBI will also work with DAYLI on integrating its marketing smartchat bot solution DAVinCI BOT and a machine learning data analytics tool dubbed DAVinCI LABS.
An official of SBI Savings Bank is quoted as saying that the new MoU comes as part of the bank’s attempt to spur development of fintech services and to develop a new user base in response to a “rapidly changing financial environment.”
As Cointelegraph has reported, both regulatory and legislative developments for Korea’s blockchain space have taken a positive turn in recent months.
In May, the government indicated plans to lift its notorious blanket ban on domestic Initial Coin Offerings (ICOs), which the National Assembly continues to debate, even suggesting plans to press ahead with the creation of South Korea’s own Malta-style ‘Blockchain island.’
Local regulators have also pledged to introduce new legislation that would be conducive to blockchain investment, and three Korean ministries are said to be working to produce the final draft of a comprehensive blockchain industry classification scheme for the country. Several days ago, a South Korean province revealed it would be issuing its own blockchain-based digital currency in a move to replace a state loyalty scheme.