Industrial Bank of Korea Signs AI Technology Partnership Agreement with Seoul National University

[Asia Economy Reporter Kiho Sung] On the 7th, the Korea Development Bank announced that it has signed a business agreement with Seoul National University to advance corporate finance operations through the adoption of artificial intelligence technology and to foster talent in related fields.

The Korea Development Bank has established a Data Science Division within its Digital Strategy Department and continues efforts to expand data-driven decision-making in corporate finance through this work. Seoul National University launched an AI major (interdisciplinary program) last year to apply AI core research to fields such as finance and medicine, and expects the signing of this agreement to promote AI research development in the financial sector.

Considering the Level 4 social distancing measures due to COVID-19, this agreement was conducted in writing. Both institutions agreed to mutually cooperate with a focus on ▲ joint research and development and consultation on AI technology in finance ▲ execution of AI application projects related to finance ▲ training and operation of educational programs related to AI technology in the financial sector.

A representative of the Korea Development Bank stated, “The mutual cooperation between the Korea Development Bank, a leading institution in corporate finance, and Seoul National University, a representative AI research institution, will serve as a catalyst for introducing AI into corporate finance, and based on this, we will strive to contribute to the development of the financial industry in the Republic of Korea.”

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