Financial Services Commission Launches 'Financial Sector AI Council' to Promote AI Activation and Safe Utilization

Attendance from Financial Industry, Academia, and Related Organizations
Discussion on Regulatory Measures and Strategies for Securing High-Quality Data

The Financial Services Commission held the inauguration ceremony of the 'Financial Sector Artificial Intelligence (AI) Council' and discussed the establishment of the council to promote the use of generative AI in the financial sector, as well as matters that need to be discussed in the council going forward.

On the 28th, Kim So-young, Vice Chairman of the Financial Services Commission, stated in her opening remarks, "The generative AI industry is expanding globally, and the activation and safe use of generative AI to enhance competitiveness are being discussed internationally." She added, "Through the relay meetings held last month by sector (financial investment - banking - insurance), we heard about difficulties such as network separation regulations, securing high-quality data, and the need for AI governance." She further said, "The council will discuss matters to promote the use of generative AI in the financial sector."

In the presentation at the inauguration ceremony, Kim Seong-woong, Head of AI Innovation Office at the Financial Security Institute, explained, "When financial companies use generative AI, issues such as compliance with network separation regulations and data localization arise, so it is necessary to discuss and resolve these problems in the council going forward."

Following this, Lee Cheol-heum, Head of the Financial AI Data Center at the Credit Information Service, suggested, "To properly utilize generative AI, securing high-quality data for AI training and other purposes must accompany it." He also introduced examples such as prioritizing the provision of public data held by the Credit Information Service and others, emphasizing, "It is necessary to discuss ways to secure high-quality data in the council going forward."

During the free discussion after the presentations, Im Eun-taek, Head of Shinhan Bank, expressed expectations by saying, "It is encouraging that the financial authorities deeply empathize with difficulties such as network separation regulations, and I will actively participate in working groups going forward." Jung Kyu-wan, Head of Hyundai Marine & Fire Insurance, stated, "If the data-related issues raised in the relay meetings are discussed this positively, it will greatly help the use of generative AI."

Following this, Park Hae-sik, Vice President of the Korea Institute of Finance, argued, "If the use of generative AI spreads in the financial industry, positive effects such as cost reduction through work efficiency, expansion of financial products and services development, and advancement of internal controls are expected," while also saying, "Discussions on the safe use of generative AI must also accompany this."

The Financial Services Commission plans to operate working groups including AI experts and industry representatives immediately after this inauguration ceremony to promote the activation of AI use in the financial sector.