[Yonhap Photo]
Shinhan Financial Group, South Korea's leading financial group, said in a statement on Friday that it has forged a memorandum of understanding with the state-run Korea Advanced Institute of Science & Technology (KAIST) to establish and operate a research center that would develop and commercialize financial artificial intelligence (AI) technologies.
According to Shinhan, the research center led by KAIST professors will focus on researching AI financial algorithms to analyze the demands of customers with different lifestyles. The research data will be utilized to create new tailor-made financial solutions and pension programs.
"We will develop and commercialize new AI financial algorithms to effectively utilize the vast amount of financial data within and outside the financial group through cooperative research with KAIST," a Shinhan official was quoted as saying.
To strengthen its presence in the global financial AI industry, Shinhan Financial Group has established Shinhan AI, an AI subsidiary, earlier this year.
Shinhan Bank, the group's commercial bank wing, forged partnership with Ground X, the blockchain subsidiary of South Korean web service giant Kakao, this week to develop private key management solution business for blockchain service operators.
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