Bank of Korea and Naver Join Forces to Launch In-House AI... Lee Changyong: "A Milestone for Korea's AI Ecosystem"

Launch of "BOKI," a Sovereign AI Specialized in Finance and Economics
Integration of Bank of Korea Data and AI, Offering Financial and Economic Data Analysis
"Simultaneous Pursuit of Sovereign AI and Network Improvement Marks a Turning Point for Kor

"As the first successful case of fostering sovereign AI and improving network infrastructure, we will accumulate exemplary cases that can serve as references across the entire public sector and actively share them."

Lee Changyong, Governor of the Bank of Korea (center in the photo), is exchanging opinions with Ryu Jemyung, Second Vice Minister of the Ministry of Science and ICT, and Lee Haejin, Chairman of Naver, at the "Bank of Korea and Naver Joint AX Conference" held on the 21st at the Bank of Korea in Jung-gu, Seoul. Photo by Bank of Korea

The Bank of Korea and Naver have jointly developed "BOKI (Bank Of Korea Intelligence)," a sovereign artificial intelligence (AI) system specialized in finance and economics, through public-private collaboration. On January 21, Lee Changyong, Governor of the Bank of Korea, stated in his welcoming speech at the "Bank of Korea and Naver Joint AX Conference" held at the Bank of Korea in Jung-gu, Seoul, "I hope this will serve as a meaningful milestone for the spread of AI innovation in Korea's public sector and the development of the AI ecosystem."

BOKI is a sovereign AI system that can be operated and controlled independently within Korea. It was built on the Bank of Korea's secure internal network (on-premise) using Naver Cloud's AI model, HyperCLOVA X. This is the first such attempt among global central banks. Naver provided the cloud infrastructure and large language model (LLM), while the Bank of Korea developed AI applications specialized in finance and economics. The version being released this time offers five services: ▲Research and analysis ▲Verification of laws and regulations ▲A work chatbot supporting personal document use ▲Finance and economics-specialized translation ▲A financial and economic data analysis service linking Bank of Korea data with AI. The Bank of Korea, as an institution simultaneously pursuing sovereign AI and network improvement projects, plans to share the in-house development of BOKI as a model case for digital innovation in the public sector.

On this day, Governor Lee identified two key aspects that distinguish the Bank of Korea's AI adoption from other central banks: the establishment of sovereign AI and the improvement of network separation. He stated, "Fostering the industrial ecosystem so that the AI industry can continue to grow is extremely important from an industrial policy perspective. In order to develop AI that deeply understands the history, systems, and cultural characteristics of our finance and economy, sovereign AI is necessary." He further emphasized, "In this context, the Bank of Korea's collaboration with a domestic company, Naver, to develop AI will serve as an opportunity to further vitalize Korea's AI industry through public-private cooperation."

The Bank of Korea is also the first institution to simultaneously pursue both sovereign AI development and network improvement as part of a pilot project to enhance network separation. Network separation refers to a system that physically separates the internal network, which handles core work, from the external network, which accesses the internet, thereby fundamentally blocking the possibility of data leaks and external hacking.

Governor Lee explained, "Given Korea's unique geopolitical circumstances, such as inter-Korean relations, and the recent surge in cyber threats, there have been reasons to maintain network separation policies in the public and financial sectors. However, to operate AI effectively, the use of large-scale computing resources and internet-based cloud computing is essential. Now, the use of AI and the existing network separation policy have reached a point where they can no longer coexist, making it necessary for the government to fundamentally change its policy on network separation." He added, "Once network separation improvements are completed in March, the scope of use and performance of the Bank of Korea's AI will be greatly enhanced."

In preparation for AI adoption, the Bank of Korea standardized approximately 1.4 million internal documents into a format that AI can understand. Going forward, the Bank plans to introduce a system for integrated management and sharing of its entire knowledge assets. Governor Lee said, "I expect that the organizational culture will shift towards sharing accumulated knowledge among all members, and that the gap in information accessibility and utilization capabilities among employees will gradually narrow."

Lee Chang-yong, Governor of the Bank of Korea, is delivering a welcoming speech at the 'Bank of Korea and Naver Joint AX Conference' held on the 21st at the Bank of Korea in Jung-gu, Seoul. Bank of Korea

At the AX Conference, following Governor Lee's welcoming remarks, there were keynote speeches by Lee Haejin, Chairman of Naver, and Ryu Jemyung, Second Vice Minister of the Ministry of Science and ICT. Chairman Lee said, "With the consensus that the Bank of Korea's vast data is itself a significant strategic asset for Korea, we prioritized not only the speed of technology but also trust and stability in this project." He emphasized, "In the AI era, what institutions and companies truly need is the flexible DNA to create successful collaborations across diverse fields. I hope this partnership will help elevate not only the Bank of Korea but also the nation's financial intelligence to a higher level." Vice Minister Ryu delivered a keynote speech on the theme of "K-AI Policy Direction for AI G3," sharing national strategies for Korea to become one of the world's top three AI powers.