AI-related services designated under South Korea's regulatory sandbox for innovative financial services have surpassed 200, as the financial industry rapidly expands its use of artificial intelligence.
The Financial Services Commission (FSC) has designated a total of 222 AI-related services since the innovative financial services program began in 2019, according to financial industry sources on the 30th. That accounts for 19.4% of the 1,143 innovative financial services designated to date.
The FSC has designated 121 new AI-related services this year alone. Of the 32 services newly designated on the 23rd, 24 were AI-based.
The scope of use is also widening beyond simple efficiency gains into areas such as corporate loan reviews and hiring verification. The Kwangju Bank received designation on the 23rd for a service in which AI verifies documents when handling corporate credit.
AI is also being widely applied to human resources work. Kyobo Life Insurance received designation for a service in which AI analyzes applications, personal statements and job requirements to flag items requiring further review and to propose candidate interview questions.
