Lee Ok-yeon, Chair of the Financial Services Commission, met with senior executives from the UK-based Standard Chartered (SC) Group on October 12 to discuss risk management related to the transition of the financial industry to artificial intelligence (AI).
According to the Financial Services Commission, Lee held discussions at the Government Seoul Building in Jongno, Seoul, with Manus Costello, Chief Financial Officer of SC Group, and Jason Forrester, Chief Risk Officer.
Both sides reviewed changes in the global financial environment and new risk factors arising from technological innovations, particularly emphasizing the importance of safe and responsible technology adoption as the transition accelerates in the financial sector.
SC Group assessed that South Korea has the foundation to become a global financial hub, supported by its large-scale export and industrial base, growing capital markets, and world-class digital technology. They also expressed their intention to leverage their global network to enhance the international competitiveness of the South Korean financial industry.
In response, Lee emphasized the need to improve related systems and environments based on the 7th Basic Plan for Financial Centers announced in August. He added that he would continue to communicate with global financial companies, including SC Group, and actively incorporate on-the-ground feedback into policy-making.
* This article has been translated by AI.
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