Industrial Bank of Korea and OpenAI Sign Memorandum of Understanding to Establish Long-term Partnership

Chairman Kang Seok-hoon "Generous Support for OpenAI Activities as Government Coordinator"

On the 26th, Korea Development Bank signed a memorandum of understanding (MOU) via video conference to establish a long-term cooperative relationship and foster the domestic artificial intelligence (AI) ecosystem, with Chairman Kang Seok-hoon and Jason Kwon, Chief Strategy Officer (CSO) of OpenAI, in attendance.

Korea Development Bank and OpenAI have previously held two face-to-face meetings this year to discuss the role of Korea and Korean companies in developing AI infrastructure and how OpenAI can support the activation of Korea’s AI ecosystem.

Through this MOU, both organizations plan to mutually cooperate in ▲collaborating to revitalize the domestic AI ecosystem ▲joint cooperation on Korean language models ▲financial cooperation for the development of domestic data centers ▲gradual securing of leased space for OpenAI’s domestic data centers ▲and seeking social contributions for the advancement of the domestic AI ecosystem.

Chairman Kang Seok-hoon stated in his greeting, “Going forward, the advancement of the AI industry will become a national competitive advantage, and Korea Development Bank will wholeheartedly support OpenAI’s activities within Korea as a government coordinator.”

OpenAI CSO Jason Kwon said, “Korea is a leading country in the AI field that clearly understands the importance of infrastructure. This MOU with Korea Development Bank reflects the shared commitment of both organizations to promote innovation and support the growth of the AI ecosystem in the Republic of Korea.”