The financial service sector is becoming increasingly aware of the power and utility of blockchains. The large-scale institutions servicing millions of people across the globe need customized blockchain solutions that could address their unique needs and handle the large daily volume. ICONLOOP has partnered with SK Holdings C&C to help provide such solutions. The two companies have agreed to build custom blockchain networks that could be used in the financial sector. ICONLOOP informed of the memorandum of understanding on Wednesday, Sept. 19, in a blog post.
How Will the New Partnership Work?
According to ICONLOOP, the two entities will “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.”
The existing blockchain product offering by ICONLOOP includes authentication services, insurance claiming services, along with document management. The new project will be focused on finding the next efficiency that blockchain can bring into the financial sector.
A Product Offering Focused on Smaller Businesses?
ICONLOOP suggests that it could be difficult to create a product offering that is flexible enough to meet the demands of large financial institutions. Therefore, the focus of the new offering will be on smaller financial service firms looking for efficiency and nimble solutions. An example is creating a model exclusively for making insurance claims easier or making mileage reward point management easier.
ICONLOOP CEO JH Kim commented on the partnership, saying:
“With the MOU, we expect the blockchain platform of ICONLOOP to spread to not only domestic but global financial institutions based on SK Holdings C&C’s knowledge of financial industries and its excellent technical capabilities.”
SK Holdings C&C’s head of financial business Woo-jin Kang said that the partnership would help in enhancing their platform and in developing specialized blockchain service models, tailored for every aspect of financial services.
To note, both partners have remained actively involved in the development of blockchain solutions. ICONOLOOP’s CHAIN ID is jointly run by the Korea Financial Investment Association and helps in authentication of identities. On the other hand, SK Holdings C&C has released an enterprise-grade blockchain platform that helps in logistics management, digital document distribution, and identity verification. It also has a Coin-as-a-Service model that allows issuance of gift cards.