Financial Security Institute and Taepyeongyang Sign MOU... "Building a Fair AI Ecosystem"

Kim Young-ki, President of the Financial Security Institute (fifth from the left), is taking a commemorative photo with attendees at the signing ceremony of the financial sector AI policy research MOU with the law firm Taepyungyang on the 10th. Photo by Financial Security Institute

[Asia Economy Reporter Kim Min-young] The Financial Security Institute announced on the 11th that it has signed a Memorandum of Understanding (MOU) with the law firm Bae, Kim & Lee to establish a safe and reliable artificial intelligence (AI) ecosystem in the financial sector.

Through this MOU, the two organizations plan to proactively develop and provide AI policies tailored to the domestic financial environment by identifying AI policy issues in the financial sector such as fairness and bias problems in AI algorithms, and personal privacy infringement issues, and conducting joint research.

As the use of AI algorithms becomes more frequent, issues of fairness and bias have emerged. If AI learns from unfair human thinking or biased data, there is a risk that the results will reflect social prejudices or discriminatory factors such as gender and region.

For example, Google’s image analysis AI algorithm caused racial discrimination controversy by tagging Black women as gorillas, and Facebook’s ad exposure AI algorithm showed more ‘home sales’ ads to white people and more ‘rent’ ads to people of color, which became problematic.

Kim Young-gi, President of the Financial Security Institute, stated, “We will support the proper and widespread use of AI technology, a core technology in the digital transformation era, in the financial sector.”

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