[Financial IT Forum] Lee Bok-hyun, Financial Supervisory Service Governor, "We Will Establish Infrastructure for Data Integration Between Financial and Non-Financial Sectors"

Lee Bok-hyun, Governor of the Financial Supervisory Service, is delivering a congratulatory speech at the '13th Asia Economy Financial IT Forum' held on the 24th at Lotte Hotel in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Song Hwajeong] "We will create an infrastructure that enables the activation of data integration and utilization between financial and non-financial sectors."

On the 24th, Lee Bokhyun, Governor of the Financial Supervisory Service, made this statement while attending the 13th Asia Economy Financial IT Forum held at Lotte Hotel in Seoul.

Governor Lee said, "The financial industry is one of the fields with the highest utilization of big data and artificial intelligence (AI) technologies, and its growth potential is very large. The provision of various financial services using AI, rapid fund intermediation, and sophisticated risk management will contribute to the quantitative and qualitative advancement of finance."

He emphasized that support will be provided to ensure a balanced promotion of big data and AI activation and risk management. First, in the data sector, a plan is in place to designate additional data specialized institutions that can secure expertise and reliability and lead data sharing and dissemination, thereby creating an infrastructure that enables the activation of data integration and utilization between financial and non-financial sectors.

Additionally, Governor Lee promised to continuously improve related systems to prepare for potential risk factors such as personal information leakage expected during the process of data integration and utilization.

Along with this, there is a policy to guide the 'Financial Sector AI Development and Utilization Guide,' published jointly by financial authorities and related organizations in August, to become an industry standard. Governor Lee emphasized, "Through this, we will enhance the international consistency of big data and AI supervisory systems and actively support financial innovation using AI through flexible and adaptable financial sector self-regulation."

Governor Lee stated, "For financial innovation based on big data and AI to lead to increased productivity in the financial industry and enhanced consumer benefits, it is most important that the financial sectors strive autonomously to secure responsibility and ethics. I ask that efforts be made to increase AI utilization centered on the sectors and related organizations while simultaneously securing corresponding reliability."