Hancom, iFLYTEK set up AI joint venture

Hancom Group Chairman Kim Sang-chul, left, shakes hands with iFLYTEK Group Executive President Wu Xiaoru after signing a contract to set up a joint venture on AI business at the Four Seasons Hotel in Gwanghwamun, central Seoul, Wednesday. / Courtesy of Hancom Group

By Jun Ji-hye

Hancom Group has established a joint venture with China's leading artificial intelligence (AI) company iFLYTEK to diversify business portfolios and sources of income by utilizing AI-based language and voice technology, the Korean firm said Wednesday.

Hancom Group, a first-generation Korean software developer, said the joint venture, dubbed Accufly.AI, will focus its capability on pushing for AI-powered fintech, edutech, smart healthcare and hardware systems businesses.

The two companies signed a contract for the establishment of the joint venture during a joint media conference in Seoul.

"We have decided to cooperate with iFLYTEK to better meet the needs of AI-based language and voice technology as Chinese companies have become distinguished in the global AI market," said Hancom Group Chairman Kim Sang-chul.

"Through the joint venture, we will expand the application of AI voice recognition technology to the entire industry. We will nurture the joint venture as an AI specialist in the global market."

iFLYTEK is one of the four leading AI companies in China recognized by the Chinese government, along with Baidu, Alibaba and Tencent.

The Chinese firm, which has proved its competitiveness in voice recognition technology, has grown rapidly, posting 1.4 trillion won ($1.2 billion) in sales in 2018, according to Hancom Group.

The companies' hardware systems business will be the first area in which the joint venture will produce an outcome, the Korean firm said, announcing that "GenieBiz," which offers interpreting and translation of four languages for business meetings, and "GenieTalk Go," a portable interpreting and translation machine, will be released in May.

The joint venture will also develop an AI contact center supporting Korean and offer the service to domestic banks, insurance firms and mobile carriers to enter the fintech sector.

iFLYTEK has already operated an AI contact center for banks in China, the Korean company said, noting that the technology of the Chinese firm will be utilized in the development of the new service.

For edutech business, the joint venture will develop personalized language education programs powered by AI.

Hancom Group added it will also actively push for exchange of robot technology with the Chinese firm in preparation for relaxation of regulation in Korea regarding the healthcare business.

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