Naver Cloud Joins UBank Consortium, Declares Entry into '4th In-Bank' Competition

Naver Cloud is joining the U Bank consortium, which is competing to establish the fourth internet-only bank.

According to industry sources on the 16th, Naver Cloud is joining the U Bank consortium, which includes online investment-linked finance company Lendit, fintech (finance + technology) platform Javis & Villains, Travelwallet, and Hyundai Marine & Fire Insurance.

U Bank aims to increase financial accessibility for underserved groups, targeting foreigners and the elderly. It also emphasizes its advantage of a self-developed credit evaluation model. Financial authorities plan to accept preliminary licensing applications next month.

Through participation in this consortium, Naver Cloud is expected to leverage its artificial intelligence (AI) technology and its experience in providing financial cloud services. Naver Cloud has been developing a large language model (LLM) business to enable financial companies to utilize generative AI in on-premises environments. It is targeting the domestic financial market with 'Neuro Cloud for HyperCLOVA X,' equipped with LLM. It also has strengths in security, as it allows the use of the latest generative AI services within a closed internal network.

A Naver Cloud representative stated, "We will use our existing strengths and technologies to achieve new service innovations."

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