JB Financial partners with Upstage to develop AI solutions for finance
JB Financial Group Chairman Kim Ki-hong, left, poses with Upstage CEO Kim Sung-hoon after signing a memorandum of understanding at the group's office in Yeouido, Seoul, Monday. Courtesy of JB Financial Group
JB Financial Group has teamed up with Upstage, a leading artificial intelligence (AI) company, to develop AI-based tools for practical use across the financial sector as part of its broader effort to accelerate company-wide AI transformation, the group said Thursday.
JB Financial Chairman Kim Ki-hong and Upstage CEO Kim Sung-hoon signed a memorandum of understanding on Monday, laying the groundwork for cooperation in financial AI technology and new business opportunities.
JB Financial identified AI transformation as one of its key priorities at its executive strategy meeting in August.
The partnership will bring together the financial group and its major subsidiaries, including Jeonbuk Bank, Kwangju Bank and JB Woori Capital, to create a group-wide AI collaboration network. Using Upstage’s proprietary large language model (LLM) technology, the companies will work on developing AI agents customized for banking and other financial services.
The two sides also agreed to pursue a range of joint projects, including developing and testing new AI applications for finance, exchanging employees and providing joint training to strengthen expertise in both finance and technology, and working with local governments on consortium-based AI projects aimed at benefiting local communities.
Upstage developed its proprietary LLM, Solar Pro 4, and is currently participating in the government-backed project to develop a national AI foundation model. The company has raised about 730 billion won ($528 million) in venture funding to date.
“Working with Upstage, which has leading AI capabilities in Korea, will help establish an AX-oriented culture across the group and lead to new projects and innovations,” Chairman Kim said. “This partnership is an important first step toward developing financial AI solutions that can be applied directly to day-to-day operations.”
He added that the group plans to apply Upstage’s AI technology across its overseas networks in Southeast Asia to develop new business opportunities in global markets.