Woori Bank Signs RegTech Business Agreement with Korea University and T3Q

[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 25th that it signed a business agreement on the 24th with Korea University's 'Human-inspired AI & Computing' Research Center and T3Q to jointly develop artificial intelligence-based RegTech.

RegTech is a compound word of Regulation and Technology, referring to technology that utilizes artificial intelligence to enhance the efficiency of compliance tasks such as complex laws, compliance monitoring, and internal controls.

Through this agreement, the three parties plan to cooperate to establish a foundation for analyzing and reviewing contract and terms-related risks in the financial industry in advance, based on various AI technologies such as natural language processing and machine reading comprehension.

Industry-academia-research collaboration will also be conducted. Woori Bank will be responsible for knowledge and application areas in the financial sector, Korea University's research center will develop models using natural language processing and machine reading comprehension technologies, and T3Q will provide AI platforms and services.

A Woori Bank official stated, "As the regulatory environment has become complex and diverse recently, the use of innovative technologies to enhance responsiveness to rapidly changing financial regulations is emerging as an important competitive advantage for financial companies," adding, "We will continue to expand cooperation with global ICT companies and domestic and international research institutions in the RegTech field."

This content was produced with the assistance of AI translation services.