ICONLOOP Signs MOU With SK Holdings To Create Blockchain Business Model For Banks And Brokers
ICONLOOP Signs Memorandum of Understanding With Korean Conglomerate To Create Blockchain Business Model
ICONLOOP, a blockchain company that acts in the financial sector, has started a new partnership to offer blockchain solutions to the financial services industry, which is getting increasingly aware of how useful the distributed ledger technology can be to offer people what they need. The goal of the company is to cater to these institutions in an effort to help them to service millions around the globe.
Now, ICONLOOP has started a partnership with SK Holdings C&C to help in the provision of these solutions for the financial industry and the two companies will make a joint effort to make this partnership work after signing a Memorandum of Understanding and develop a customized blockchain service model for banks.
Banks, insurance companies, broker dealers and other financial service providers will be able to use the technology and logistics develop by this partnership. ICONLOOP will find the right way to offer efficiency and great solutions for these companies.
The Partnership Between ICONLOOP And SK Holdings
ICONLOOP has affirmed that the two companies will be focused on the development of blockchain business models, specifically. The products will include authentication services, insurance claims and document management using this brand new technology.
The products will be flexible, so they will have the potential to help both small and big financial firms in many states of their development. With efficient solutions, the company hopes to be creating a model that can be scalable and will not cause issues. For this, they will use the years of experience from the team of both companies.
Each service will be tailored for the company purchasing it and will offer tokenized solutions for companies.
The companies have been active in developing blockchain solutions for quite some time in the market right now and have powerful connections. ICONLOOP, for instance, is jointly run by the Korea Financial Investment Association and SK Holdings already has a solid career in the business.
The CEO of ICONLOOP, JH Kim, has affirmed that the company expects to offer blockchain solutions together with the expertise from SK Holdings and that they want to cater to companies all over the globe.
Woo-jin Kang, the Head of Financial Business at SK Holdings C&C, has said that the partnership will be a key to expand the blockchain market and technology across the globe. The partnership will ensure that the capabilities of the company are enhanced to serve this goal.
ICON Foundation To Partner Up With SK Planet
In related news, one of the largest telecommunications companies in South Korea, SK Planet, has started a collaboration with the ICON Foundation, which is also partly responsible for ICONLOOP. The companies plan to use the blockchain technology for a number of products like OK Cashbag, which is one of the biggest loyalty programs of the country.
However, it is not year 100% clear how the companies will develop all these products and which ones they will be. It should be noted that ICON is primarily an ICO platform and ICOs have been banned from Korea recently and the company was only able to circumvent this issue by launching its business in Switzerland.