Samsung SDS and Blocko are currently developing blockchain for the conglomerate's credit card company Samsung Card, the companies announced.
Samsung's IT service affiliate and the blockchain platform maker will work to create blockchain businesses that use digital identity, digital money, and digital payment, the companies said.
Under the new MOU on Monday, the two will also look for new opportunities to apply blockchain in the financial market.
In July last year, Samsung SDS invested an unspecified amount in Blocko, along with UK security firm Darktrace, to expand its IoT business.
Blocko currently supplies its distributed digital ledger platform to Korean firms, including the Korea Exchange and Lotte Card.
The two companies are both members of Hyperledger, an open source project developing the standard for blockchain technologies in business.
A Blocko spokesman said Samsung SDS' wide distribution chain combined with its blockchain technology will allow new business in South Korea and abroad.