FSS signs strategic business cooperation memorandum with Naver
Written by Anna J. Park
Naver’s latest artificial intelligence (AI) technology will be applied to the financial operations of the Financial Supervisory Service (FSS) as the two companies entered into a strategic partnership on Wednesday.
Financial Supervisory Board Governor Lee Bok-hyun and Naver CEO Choi Soo-young signed a memorandum of understanding (MOU) at the Financial Supervisory Board headquarters on Wednesday to promote digital finance and innovative AI-based financial supervision. They promised to cooperate in strengthening the situation.
Through the agreed partnership, the tech giant’s cutting-edge AI technology, including the company’s proprietary deep learning language model HyperCLOVA X, will be used to strengthen financial supervision.
Launched by Naver in August last year, HyperCLOVA The purpose is to build AI services.
Cooperation for educational and research purposes will also take place between the two organizations.
Naver will conduct educational sessions on generative AI technology for FSS employees. The two companies will also begin joint research on the use of AI technology in the financial field and digitalization of finance.
“Digital technologies such as artificial intelligence are evolving at an astonishing pace, and generative AI technologies are expected to bring about profound changes comparable to the impact of the industrial revolution,” Lee said after signing the agreement. Stated.
Mr. Lee said, “The Financial Supervisory Board plans to actively incorporate and utilize the latest digital technology in its supervisory operations.Through the memorandum, the Financial Supervisory Board will utilize Naver’s IT technology to improve supervision, inspection, and financial consumption. I look forward to further strengthening our ability to protect people.”
Naver CEO Choi also vowed that major tech companies will fully support the Financial Supervisory Service’s digital innovation and system advancement.
“Naver’s AI technology is increasingly being used in all industrial fields, but its application in the financial field is particularly strong,” Choi said.
“Based on various cooperation projects with the financial industry, Naver will continue to support the innovation of FSS operations and the advancement of digital systems by providing customized AI solutions,” added the head of Naver. Ta.