JB Financial Group is accelerating its AI transformation by investing in the domestic artificial intelligence (AI) technology company Upstage.
On October 20, JB Financial Group announced that its affiliates Jeonbuk Bank, Gwangju Bank, and JB Woori Capital have signed an investment agreement worth 40 billion won in Upstage's Series C-2 round. With this investment, JB Financial Group has secured approximately a 2% stake in Upstage.
The three affiliates led the first investment in this round. Following this initial investment, Upstage plans to attract additional investments in the C-2 round.
Since this year, JB Financial Group has been actively pursuing its AI transformation. The group has been exploring ways to improve productivity by applying AI to IT development processes, compliance, and corporate lending operations. This investment aims to establish a long-term collaborative foundation beyond just the introduction of AI technology, driving innovation across the group's operations.
The two companies plan to jointly develop a finance-specialized AI agent, enhance employee AI capabilities through training and personnel exchanges, and engage in regional AI collaboration projects with local governments and universities. They particularly intend to prioritize the application of AI to repetitive tasks that require significant time and manpower, such as document processing and reviews, to improve efficiency and overall work methods.
Kim Gi-hong, Chairman of JB Financial Group, stated, "This investment reflects our commitment to ensuring that AI collaboration leads to tangible changes in our affiliates. We aim to use AI not just as a simple work assistance tool but as a means to structurally innovate our work processes and productivity, creating a successful case of AI transformation within the financial group."
* This article has been translated by AI.
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