On June 18, the Financial Services Commission (FSC) held a meeting focused on the financial sector's AI transition, attended by representatives from financial groups, credit card companies, and relevant institutions and researchers.
During the meeting, participants shared domestic and international trends related to the introduction of AI agents in finance and discussed necessary improvements, as well as the direction that both the government and the financial sector should take.
Attendees emphasized the need for a regulatory paradigm shift to keep pace with technological advancements while minimizing risks and developing institutional responses that incorporate these technologies.
Kwon Dae-young, Vice Chairman of the FSC, stated that if the financial sector's AI transition enhances the value added to financial services, the benefits will translate into lower costs, faster processing times, and more personalized services for citizens and businesses.
He noted that this transition could contribute to inclusive finance by accelerating service development and increasing funding efficiency, as well as providing tailored services through alternative credit assessments and AI agents. Kwon also mentioned that it could strengthen trust in finance by accurately detecting signs of financial crime and identifying potential risks in advance.
Kwon stressed that the new framework for finance in the AI era should not create an uneven playing field, stating, "We need to establish regulations and supervisory systems that align with the autonomy and learning capabilities of AI, ensuring that there are no advantages or disadvantages simply because of AI."
He also highlighted the growing impact of AI on decision-making, emphasizing the need to clarify responsibilities and authority, while ensuring that South Korean financial firms can compete fairly on an international level.
The FSC expressed its commitment to addressing current issues in the financial sector. Kwon announced plans to urgently relax security-related network separation measures applied to some financial firms and to revise regulations that hinder AI learning, such as personal credit information consent requirements and data pseudonymization.
Additionally, the commission will review the regulatory framework from industry classification to AI's responsibilities and authority, aiming to establish dedicated supervisory measures to protect consumers from issues related to AI reliability and accountability. This initiative also aims to prevent hacking and voice phishing incidents.
* This article has been translated by AI.
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