TEAM NAVER Partners with FSS for Digitizing Financial Supervision Processes
TEAM NAVER Partners with FSS for Digitizing Financial Supervision Processes
TEAM NAVER Partners with FSS for Digitizing Financial Supervision Processes
- Enhancing FSS operations with TEAM NAVER’s AI technology, including HyperCLOVA X
- Planning to educate FSS staff on generative AI and collaborate on finance digitization research
April 3, 2024
TEAM NAVER is collaborating with the Financial Supervisory Service (FSS) to enhance work productivity using AI technology.
On April 3, NAVER Corporation (CEO Choi Soo-yeon) and the FSS (Governor Lee Bok-hyun) signed a memorandum of understanding (MOU) at the FSS office in Yeouido to foster AI innovation in financial supervision. The event was attended by senior officials from both organizations, including the FSS Governor Lee Bok-hyun, Deputy Governors Kim Young-ju and Kim Byung-chil, as well as NAVER’s CEO Choi Soo-yeon, CFO Kim Namsun, and NAVER CLOUD CEO Kim Yu-won.
[Photo] TEAM NAVER and the Financial Supervisory Service MOU signing ceremony held on April 3 at the Financial Supervisory Service in Yeouido, Seoul
Under this agreement, the two organizations will identify financial supervisory functions that can benefit from AI and implement NAVER’s AI solutions, such as HyperCLOVA X, to enhance these areas. HyperCLOVA X, introduced by NAVER in August of the previous year, is a hyperscale AI technology utilized in various industries, including public services, finance, gaming, and mobility, to enhance productivity and develop unique AI services.
In addition, the partners plan to undertake educational and research initiatives. NAVER will provide training on generative AI technology to FSS employees, and both parties will engage in joint research on the applications of AI in finance and the digital transformation of financial services.
Choi stated, “TEAM NAVER’s AI technology is increasingly being utilized across various sectors, especially in finance. Leveraging our extensive collaborative experience in the finance industry, we are committed to collaborating with the Financial Supervisory Service to support FSS in developing customized AI solutions for business innovation and digital system advancement.”
FSS Governor Lee noted, “The rapid advancement of digital and generative AI technologies is expected to drive significant changes in the industry. This MOU with NAVER’s advanced IT technology will substantially enhance our supervisory, auditing, and consumer protection functions.”
