Financial firms to gain approval for generative AI and cloud computing use

Kim Byoung-hwan, head of the Monetary Companies Fee, speaks throughout a gathering with officers from regionally listed corporations in Yeouido, Seoul, Aug. 12. Yonhap

Monetary companies shall be allowed to make use of generative synthetic intelligence and cloud computing to develop new revolutionary merchandise as soon as they safe the means to make sure the safety of their networks, the monetary regulator mentioned Tuesday.

Monetary companies have been required to maintain their networks separated from the web since September 2013, a transfer aimed toward stopping hacking makes an attempt.

Community separation, nonetheless, has additionally been blamed for “work inefficiency” and failures to develop revolutionary merchandise utilizing new applied sciences, the Monetary Companies Fee (FSC) mentioned.

“Particularly, community separation is being named a reason for a decline within the nation’s monetary competitiveness because the software program market is shortly transitioning from on-premise service to cloud computing-based Software program as a Service (SaaS), whereas using generative AI is altering the way forward for industries,” it mentioned in a press launch.

Presently, monetary companies are nearly unable to make use of AI or cloud computing, aside from again workplace functions.

They are going to be allowed to make use of the web to utilize such new applied sciences as soon as they take steps to forestall safety dangers and have them confirmed by associated companies, such because the Monetary Supervisory Service, the FSC mentioned.

The companies will even be allowed to utilize cloud computing for “some” important entrance workplace functions, together with buyer relationship administration (CRM), after taking due safety measures, it added.

The FSC mentioned monetary companies could also be allowed to begin utilizing AI and cloud computing earlier than the yr’s finish on the earliest.

“We’re at a degree the place we have to enhance community separation guidelines to raised adapt to the shortly altering IT setting round cloud computing and generative AI,” FSC chief Kim Byoung-hwan mentioned in a gathering with associated companies and enterprise leaders.

“The proposed street map to enhance community separation guidelines will result in the improved competitiveness of the monetary business and likewise elevated use of companies by monetary shoppers.” (Yonhap)