Financial Services Commission Supports Use of 'Open Source AI' on Internal Networks in Financial Sector... Establishing 'Financial Sector AI Platform'

Vice Chair Kim So-Young Chairs 'Financial Sector AI Council' Meeting
Announces Measures to Support Use of 'Open Source AI' Installed Directly on Internal Networks
Establishes Two-Track AI Utilization System in Financial Sector
Provides Korean Language Corpus for Finance via AI Platform

The Financial Services Commission (FSC) will support financial companies in easily installing and utilizing open-source artificial intelligence (AI) programs within their internal networks. Along with building a 'Financial Sector AI Platform' that integrates support for the development and utilization of open-source AI services by financial companies, the FSC will also promote the establishment of financial sector-specific data for AI training in finance and the revision of AI guidelines for the financial sector.

On the 12th, the FSC held the 'Financial Sector AI Council' chaired by Vice Chairman Kim So-young and announced the 'Financial Sector Generative AI Utilization Support Plan,' which includes support for the use of open-source AI installed directly on financial companies' internal networks. Generative AI is divided into commercial AI provided over the internet and open-source AI installed on internal company systems. Domestic financial companies are considering using both types, taking into account AI utilization purposes and cost efficiency.

Vice Chairman Kim So-young said in her opening remarks, “Domestic financial companies have raised difficulties such as lack of AI infrastructure and data, and the absence of clear governance for generative AI utilization,” adding, “We will consolidate opinions to establish a practical support system for financial companies, including financial sector AI utilization infrastructure, financial sector-specific data support, and revision of AI guidelines for finance.”

The FSC will first establish a dual-track system for generative AI in the financial sector that supports both commercial AI and open-source AI. By building a 'Financial Sector AI Platform' that integrates support for the development and utilization of open-source AI services, expert groups will select and provide open-source AI models and data with performance and safety suitable for the financial sector.

Additionally, the FSC plans to build a proof-of-concept (PoC) environment where financial companies can explore optimal combinations by utilizing various open-source AI models, applications (apps), and data, and experiment with innovative AI service ideas. Infrastructure will also be established to support easy installation of AI models and data within financial companies' internal networks.

An FSC official explained, "With the establishment of the Financial Sector AI Platform and the dual-track utilization system, financial companies will be able to strategically choose and utilize commercial AI and open-source AI, thereby developing more specialized and tailored AI services."

Overview of AI Platform Construction in the Financial Sector (Source: Financial Services Commission)

'Financial Sector-Specific Korean Corpus' Provided Through AI Platform

The FSC will also build financial sector-specific data for AI training in finance. Currently, major open-source AI models primarily learn from English-speaking countries' languages and general data, resulting in limitations such as insufficient Korean language proficiency and lack of expertise in the financial sector.

Accordingly, the FSC will collaborate with related organizations such as sector-specific associations, the Korea Institute of Finance, and the Korea Insurance Development Institute to build a ‘Financial Sector-Specific Korean Corpus’ necessary for training and validating generative AI models, which will be provided through the 'Financial Sector AI Platform.'

In particular, since there is high demand for data for retrieval-augmented generation (RAG) that can induce accurate answers from generative AI, and evaluation support data that can be used for AI performance and ethics assessment, the FSC plans to quickly build these based on publicly available data secured first.

Furthermore, the FSC will unify the provision channels of public interest data provided by related organizations, such as financial fraud prevention (KFTC), credit evaluation (Credit Information Agency), and financial security (Financial Security Institute), into the 'Financial Sector AI Platform.' Financial companies are expected to conveniently and regularly obtain data for specialized AI development such as fraud detection systems (FDS) through the AI platform.

Revision of AI Guidelines for Finance... Presentation of '7 Principles of Financial AI'

The FSC will also promote the revision of AI guidelines for the financial sector. Although the FSC has provided guidelines and manuals to activate AI utilization in finance, rapid technological advancements such as generative AI and institutional changes like strengthened internal controls in the financial sector necessitate revisions.

The FSC has established key principles for AI development and utilization in finance through multiple council discussions. The '7 Principles of Financial AI,' consisting of seven items, are categorized into governance, AI development stages, and AI utilization stages, including standards such as ▲ top management, including CEOs, must take interest and share roles and responsibilities in AI development and utilization ▲ trustworthy data and models must be used during AI development ▲ the interests of financial consumers must be prioritized when utilizing AI.

An FSC official said, "We will present clear principles regarding governance and AI development and utilization in finance, and detailed contents of these principles will be provided as manuals after discussions with related organizations and industry experts," adding, "We expect that the revision of guidelines will significantly reduce uncertainties when financial companies actually use AI in their operations."

In response to financial companies' requests emphasizing the importance of swift implementation, the FSC plans to proceed with tasks at a rapid pace. The 'Financial Sector AI Platform' supporting the installation and utilization of open-source AI in finance is targeted for establishment in the first half of next year, and the construction of financial sector-specific data will begin support in the first quarter of next year based on publicly available data such as financial regulations.

Vice Chairman Kim said, "AI has become a strategic means that determines the competitiveness of nations and industries beyond being a mere technology, marking a major paradigm shift in the industry. Cooperation among various players including the government, related organizations, companies, and academia is more important than ever," adding, "We will swiftly implement support measures to ensure we do not miss the golden time to secure global competitiveness."

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