KB Kookmin Bank Signs Business Agreement with Seoul National University Center for Industrial Mathematics and Cryptolab
Expansion of Collaborative Research and Service Development in the Field of Homomorphic Encryption
At the business agreement ceremony for 'Homomorphic Encryption Technology Cooperation' held at KB Kookmin Bank Yeouido New Building, (left) Yoon Jin-su, Head of KB Kookmin Bank Tech Group, and (right) Cheon Jeong-hee, Director of Seoul National University Industrial Mathematics Center and CEO of CryptoLab, signed the agreement and took a commemorative photo.
View original image[Asia Economy Reporter Park Sun-mi] KB Kookmin Bank announced on the 30th that it has signed a business agreement for homomorphic encryption technology cooperation with the Center for Industrial Mathematics at Seoul National University and Cryptolab.
Homomorphic encryption is a next-generation data encryption technology that allows data analysis while the data remains encrypted. It is expected that the scope of homomorphic encryption will expand further as it can prevent information leakage and inappropriate data usage during data utilization processes.
This business agreement mainly includes ▲ joint research on homomorphic encryption technology ▲ discovery and technical verification of related financial services ▲ mutual cooperation on privacy-enhancing technologies (PET) overall.
Cheon Jeong-hee, Director of the Center for Industrial Mathematics at Seoul National University and CEO of Cryptolab, said, “KB Kookmin Bank plans to actively cooperate in creating various financial services using homomorphic encryption technology,” adding, “In particular, we will actively support the linkage of personalized AI services without privacy concerns for mobile financial service users.”
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Yoon Jin-soo, CEO of KB Kookmin Bank Tech Group, stated, “Taking this agreement as an opportunity, we will discover various application cases using homomorphic encryption, such as cross-industry data combined analysis within KB Financial Group including data, finance, telecommunications, and shopping, and customized product recommendations that do not expose personal information.”
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