Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
INTERVIEW KIS makes its move into digital asset industry
Patrick Yoon, CEO of Korea Investors Service / Courtesy of Korea Investors Service
By Lee Hyo-jin
CEO Patrick Yoon accelerates AI adoption to become more customer-focused organization
Korea Investors Service (KIS) continues to monitor the digital asset landscape in Korea and is exploring the feasibility of market participation, subject to the establishment of a regulatory framework, according to CEO Patrick Yoon.
KIS, one of Korea's leading credit rating agencies and an affiliate of Moody's, has established a dedicated digital assets team and is developing methodologies that could be used to assess Korean won-backed stablecoins once legislation is in place.
"Once won-backed stablecoins are created, an ecosystem needs to be built to ensure they can be used effectively. They need to function well not only in Korea but also overseas for a proper stablecoin system to take shape. We believe there is a role that KIS can play in that process," Yoon said in a recent interview with The Korea Times.
"If we can establish a stablecoin assessment system tailored to Korea, the digital asset market can be evaluated more transparently and various risks can be managed more effectively," he added.
The preparations come as lawmakers and financial regulators continue discussions on a legal framework for stablecoins as part of the second phase of Korea's digital asset legislation. Market participants are watching the process closely, though its timing and final scope have yet to be determined.
While some in the industry have expressed concerns about delays in the legislative process, Yoon said he sees growing signs that a regulatory framework is taking shape.
He pointed to a series of recent investments involving cryptocurrency exchanges and traditional financial institutions, including Korea Investment & Securities' acquisition of a 20 percent stake in Coinone announced in May.
"In recent years, many of the concerns surrounding ownership and governance risks at cryptocurrency exchanges have eased significantly," Yoon said. "As those concerns fade, securities firms are becoming more willing to enter the market."
Yoon said investor protection through a transparent assessment framework would remain a key priority as the market develops.
"We want to place greater emphasis on protecting both users and investors by providing more transparent information to the market," he said.
KIS is building its own analytical capability, drawing on expertise from its global partners. It has also begun discussions with consortiums exploring potential won-backed stablecoin projects, the CEO added.
Prices of cryptocurrencies are displayed on an electronic board at the Bithumb Lounge in Seoul, March 4. Yonhap
The push into digital assets is part of a broader effort by KIS to adapt to the rapidly evolving financial landscape under Yoon, who took office in March.
Before joining the ratings company, Yoon held senior roles at Standard Chartered Korea, Visa Korea and Crypto.com Korea, giving him experience across both traditional and emerging financial sectors.
Yoon said KIS is accelerating the adoption of artificial intelligence (AI) across its operations. Employees are increasingly adopting customized AI tools to support their work, with analysts encouraged to build their own AI agents.
"Every employee has already developed at least one AI agent, and some have created more than 10. The goal is for employees to build tools tailored to their own needs. We will continue testing and refining them through the end of this year."
The CEO stressed that AI is intended to automate routine work, allowing analysts to focus on higher-value judgment and industry analysis.
"Analysts often spend a significant portion of their day reviewing research and gathering information," he said. "Now, AI can help summarize large volumes of data, enabling analysts to concentrate on higher-value tasks."
Yoon also viewed investing in employees through competitive compensation and professional development opportunities as a key priority for the company.
"At the end of the day, our business is about people," he said. "Building a strong culture and attracting talented employees are critical to our long-term success and to becoming Korea's leading credit rating agency."