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Kim Byoung-hwan, chief of the Financial Services Commission (FSC), emphasized the need to relax regulations to propel Korea's financial sector into a leadership role in the global AI landscape. During the Korea Fintech Week 2024, he highlighted the transformative potential of AI across various financial services, including investment and risk management. The event gathered key players from fintech firms, financial institutions, and international representatives to discuss the future of finance in the context of AI advancements.
Kim's commitment to easing regulations aims to facilitate the integration of generative AI in the financial industry, which has been hindered by outdated network separation rules. By streamlining security regulations and allowing greater data usage, the FSC seeks to enhance the competitiveness of Korea's financial sector. The collaboration with international partners, such as Lithuania, underscores the global importance of fintech and AI in shaping the future of finance.
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