KB Financial Group has signed a memorandum of understanding (MOU) with LG Group for joint projects involving new digital technologies such as blockchain and artificial intelligence (AI).

Under the MOU signed Monday, the two groups will jointly develop goods and services based on blockchain, AI and Internet of Things (IOT). Their collaboration aims to expand the domains of goods and services and build a new digital ecosystem by forming consortia with other industries like distribution and entertainment.

Toward that end, they selected the “blockchain-based service infrastructure design” as their first task. This is certainly a move aimed at exploiting blockchain to enhance trust and scalability. Yet they decided not to consider using cryptocurrencies whose prices fluctuate according to demand.

The two groups began to materialize their cooperative models last October and have sorted out such business projects as payments, insurance compensation automation and platform. They plan to form a task force by the end of the year to establish service models, look for collaboration with new enterprises and develop services exploiting AI, robotics, IOT and other new technologies.

“The goal of the new technology accord between KB and LG is not to verify their technologies simply but to develop goods and services that would be of help to both customers and companies actually,” a KB Financial Group spokesperson said. /yjk@decenter.kr

사동석 기자

sahds@dcenter.kr