'AI Utilization in Financial Supervision' FSC and Naver Join Hands

Signing of MOU for Digital Financial Cooperation
Establishing a Collaborative System for Innovation in Financial Supervisory Tasks

As digital technologies such as artificial intelligence (AI) and cloud computing rapidly advance, accelerating the digitalization of finance, the Financial Supervisory Service (FSS) has partnered with Naver to digitally innovate its financial supervisory operations.

On the 3rd, Lee Bok-hyun, Governor of the FSS, signed a memorandum of understanding (MOU) with Choi Soo-yeon, CEO of Naver, at the FSS headquarters in Yeouido, Seoul, to innovate financial supervisory tasks using digital technologies. In his opening remarks, Governor Lee stated, "Recently, digital technologies such as AI have developed at an astonishing pace, and especially generative AI technology is expected to bring about changes on the scale of the Industrial Revolution," adding, "We plan to actively utilize the latest digital technologies in financial supervisory work."

The FSS plans to explore various ways to apply Naver's latest digital technologies, including 'HyperCLOVA X,' to financial supervisory tasks. In particular, it intends to establish a mutual cooperation system for research collaboration on the use of AI technology in the financial sector to respond to the digitalization of the financial industry. Governor Lee said, "Through this MOU, we expect to strengthen the FSS's capabilities in supervision, inspection, and financial consumer protection by leveraging Naver's IT expertise."

In response, CEO Choi said, "Team Naver's AI technology is increasingly utilized across industries, especially expanding its application in the financial sector," adding, "Based on our diverse cooperative experiences with the financial industry, we will continue to support building customized AI solutions for the FSS's operational innovation and digital system advancement, maintaining ongoing collaboration."

Going forward, the FSS and Naver plan to continuously cooperate to enhance the competitiveness of financial supervisory tasks and foster a sound AI utilization ecosystem within the financial industry.