Greetings from the ICONLOOP Team,

September 19thใ…กICONLOOP signed an MOU withย SK Holdings C&Cย to cooperate and co-develop blockchain business models in financial industries. This MOU aims to build a tailored service model for banks, insurance companies, broker dealers, and other financial services firms.

While ICONLOOPโ€™s existing blockchain product offerings cover authentication services, insurance claiming services, and internal document management, the two companies will work together to find the next efficiency blockchain can bring to the financial services industry.

While it could be difficult to develop a product offering flexible enough to cater to large financial institutions, ICONLOOP, along with the help of SK Holdings C&C, are focusing on developing solutions for smaller, more nimble financial services firms. For example, it would certainly be possible to commercialize a blockchain model focused primarily on car insurance claims, or offer a tokenized version of mileage rewards points. These are the types of projects this MOU plans on tackling.

Both ICONLOOP and SK Holdings C&C have already been active in the development of blockchain-based solutions. ICONLOOP has built CHAIN ID, which is jointly run by the Korea Financial Investment Association to authenticate identity. SK Holdings C&C, on the other hand, has recently released an enterprise blockchain platform supporting identity verification, logistics management, digital document distribution, and โ€œCaaSโ€ (Coin as a Service) to allow simple issuance of gift cards.

โ€œWith the MOU, we expect the blockchain platform of ICONLOOP to spread to not only domestic but global financial institutions based on SK Holdings C&Cโ€™s knowledge of financial industries and its excellent technical capabilities,โ€ said JH Kim, the CEO of the ICONLOOP.

โ€œIn order to rapidly expand the blockchain market and ecosystem, it is important to secure various platform technologies and services,โ€ also โ€œThis MOU will enhance our blockchain platform and service technology capabilities and help develop specialized blockchain service models for each aspect of the financial services industry, creating social value at lastโ€ said Woo-jin Kang, the Head of Financial Business at SK Holdings C&C.

We hope this endeavor will accelerate the use of blockchain technology in the financial services industry. There is an opportunity to not only build specialized blockchain products, but also to bring efficiencies to international business through cross-border remittance services.

Thank you,

Hyperconnect the World