KB Financial Group, LG team up to develop blockchain and AI-focused projects
KB Financial Group, a South Korean financial holding company, has signed a memorandum of understanding (MOU) with LG Group to jointly develop and promote projects based on digital technologies such as blockchain and artificial intelligence (AI).
As a first project, the companies have decided to develop a new service infrastructure based on blockchain technology, the release said.
“In the case of consortium-type businesses, reliability and scalability are important. However, it does not consider the use of cryptocurrency, which fluctuates in price according to demand”, it added.
The two companies also intend to establish a consortium with other companies in other industries such as retail and entertainment to “expand product and service areas and build a new digital ecosystem.”
This, is not the first time that KB Financial Group and LG Group have joined forces. Previously, the companies teamed up for projects to enhance payment services and aid in automation of insurance compensation.
