KB Financial Group, LG Partner On Blockchain And AI

Blockchain, News | January 16, 2019 By:

KB Financial Group, a major player in South Korea’s financial services sector, is partnering with multinational conglomerate LG Corporation to boost cooperation in digital technologies, such as blockchain and artificial intelligence (AI).

KB Financial Group provides a range of banking and related financial services to consumers and corporations in South Korea and internationally. It operates through corporate banking, retail banking, other banking services, securities business, non-life insurance business, credit card business, and life insurance business segments.

LG Corporation is the fourth-largest industrial conglomerate in South Korea. It makes electronics, chemicals, and telecom products and operates subsidiaries such as LG Electronics, Zenith, LG Display, LG Uplus, LG Innotek and LG Chem in over 80 countries.

The two companies signed a memorandum of understanding (MOU) to create service infrastructures based on blockchain and AI. The firms will utilize their technical and business capabilities to develop products and services that will provide higher value to customers. They are also planning to form a consortium with companies in other industries, such as retail and entertainment, in order to expand product and service areas.

“KB and LG will develop a new service infrastructure based on blockchain technology to achieve their common goal,” a KB Financial Group official said. “KB and LG’s new technology business agreement is not a simple technology verification, but aims to develop products and services that are useful to both actual customers and companies.”