Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
FSS to employ Naver's AI technology in financial supervisory tasks
Financial Supervisory Service (FSS) Governor Lee Bok-hyun, left, and Naver CEO Choi Soo-yeon hold a memorandum of understanding (MOU), after signing the business agreement at FSS headquarters, Seoul, Wednesday. Yonhap
By Anna J. Park
FSS, Naver sign MOU for strategic business cooperation
Naver's latest artificial intelligence (AI) technology will be applied to the financial tasks of the Financial Supervisory Service (FSS), as the two parties formed a strategic partnership on Wednesday.
FSS Governor Lee Bok-hyun and Naver CEO Choi Soo-yeon signed a memorandum of understanding (MOU) at the FSS headquarters on Wednesday, pledging to cooperate on enhancing digital finance and innovative AI-based financial supervision tasks.
Through the agreed partnership, the big tech company's state-of-the-art AI technologies, such as its own deep learning language model HyperCLOVA X, will be utilized to enhance financial supervision.
Unveiled by Naver last August, HyperCLOVA X is a large-scale AI model widely utilized across various sectors, including public services, finance, gaming, and mobility, aiming to enhance work productivity or to help build their own AI services.
Collaboration for educational and research purposes will also take place between the two entities.
Naver will conduct education sessions on its generative AI technology for FSS employees. It will also embark on joint research initiatives related to the utilization of AI technologies in the financial sector and the digitalization of finance.
"Digital technologies such as artificial intelligence have been evolving at an astonishing pace, and I believe a generative AI technology is expected to bring about huge changes that can be parallel to the impacts of an industrial revolution," Lee said after signing the agreement.
"The FSS plans to actively embrace and employ the latest digital technologies in its supervisory tasks. Through the MOU, the FSS expects to further enhance its capacities in supervision, inspection and protection of financial consumers by utilizing Naver's IT technologies," Lee added.
Naver CEO Choi also vowed that the big tech company will fully support the FSS's digital innovation and advancement of its system.
"While Naver's AI technology is increasingly being utilized across every industry sector, its application in the financial sector is becoming particularly stronger," Choi said.
"Based on a range of collaborative projects with the financial industry, Naver will continue to support the FSS in innovating its tasks and advancing its digital systems by providing tailored AI solutions," the Naver chief added.