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, Money Today reports September 3.
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).
Read more here: https://cointelegraph.com/news/koreas-sbi-savings-bank-signs-mou-with-blockchain-and-ai-specialist