Hyundai Commercial partners with IBM to create blockchain-based commercial financing platform

Hyundai Commercial, a Seoul-based subsidiary of automotive giant Hyundai Motors, is partnering with tech giant IBM to tap into the potential of blockchain technology and accelerate digital transformation.

Founded in 2007, Hyundai Commercial provides leasing and financial services for commercial vehicles and construction equipment. The corporate finance company is now seeking to modernize its business model and is working with IBM to create a blockchain-based platform to expand its commercial financing services.

“Using the open source Hyperledger Fabric to create a new supply chain financing ecosystem for Hyundai Commercial, the network is designed to reduce lead times and costs in financial transactions among dealers, distributors, and manufacturers,” the official release said.

The blockchain network will help automate manual processes, provide participants with a single view of all transactions happening in the network, and enable transaction data to be securely managed and shared more efficiently.

In addition, Hyundai Card, a credit card company under Hyundai Motor Group, is working with IBM to improve customer satisfaction using IBM Watson AI chatbot.

"Korea enjoys a digital-first financial services industry in which the rapid adoption of technologies such as artificial intelligence, analytics, blockchain and cloud are improving the customer experience and helping expand into new opportunities. Working with IBM, Hyundai Card ∙ Hyundai Commercial has pioneered these new technologies and has been a strong innovator in the industry," said Andrew Chang, General Manager, IBM Korea.