The number of artificial intelligence services designated under South Korea's financial regulatory sandbox has passed 200, as AI adoption spreads rapidly across the financial industry.
The Financial Services Commission has designated a total of 243 AI-related services since launching the innovative financial services program in 2019, according to financial industry sources on the 25th. That accounts for 21% of the 1,164 innovative financial services designated to date.
The FSC designated 142 AI-related services this year alone. Of the 24 new designations announced on the 7th, 21 were AI-based services.
The scope of use is widening beyond simple efficiency gains to corporate loan screening and hiring verification. The Kwangju Bank (192530) received a designation on the 23rd of last month for a service in which AI verifies documents when handling corporate loans. AI is also being widely applied in human resources. Kyobo Life Insurance won a designation for a service in which AI analyzes applications, personal statements and job requirements to flag items needing further review and to suggest candidate interview questions.
Adoption is also growing in IT development and security. KB Kookmin Card received a designation for a service in which AI assists development work such as writing and reviewing code and responding to system failures, while Shinhan Card (032710) won approval for a service in which AI reviews development code and monitors for operational anomalies. Kiwoom Securities (039490) was approved for a service in which AI analyzes developers' requirements during the development of financial services and supports code writing and error analysis.
AI use is also expanding in dealings with outside business partners. Viva Republica, the operator of Toss, is pursuing a service in which AI analyzes inquiries from advertisers or advertising agencies and proposes tailored ad products and execution plans for each media channel. Under the service, AI simulates expected results depending on the ad execution method, summarizes conversations and helps connect users to sales staff. A service in which AI analyzes a web page from a link submitted by a mini-app partner within the Toss app and automatically generates the text and image information needed for a service launch also received an innovative financial service designation.