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Naver and Bank of Korea Partner for Financial Innovation

Source: Naver Corp

Seoul, South Korea - Naver (KRX: 035420) has partnered with the Bank of Korea to integrate advanced IT technologies, such as AI, into the financial and economic sectors. 

Why It Matters:

This partnership represents a significant step in combining technological innovation with financial and economic operations. 

The collaboration aims to enhance digital capabilities in these areas.

The Key Points

  • Applying Naver's HyperClova X AI technology in the financial and economic sectors is at the heart of the partnership.
  • The MOU also integrates big data, IoT, and cloud computing to improve the Bank of Korea's operational efficiency.
  • The collaboration is expected to develop policy formulation and research capabilities within the Bank of Korea.

What They Say:

Bank of Korea Governor Rhee Chang Yong emphasized the expected improvement in the quality of public services due to this partnership. 

He noted the importance of integrating advanced technologies to keep pace with the evolving digital economy.

What is More:

The potential impact of the partnership on the financial sector has attracted international attention, as evidenced by the visit to Naver 1784 by Agustín Carstens, General Manager of the Bank for International Settlements (BIS), and Ryoo Sang-dae, Deputy Governor of the Bank of Korea. 

This visit underscores the global interest in the innovative approach of Naver and public financial institutions.