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Korea Investment & Securities teams with KT to build AI platform for financial services

June 23, 2020 - 16:08 By Kim Young-won
Jeon Hong-beom(left), chief of KT’s AI unit, and Moon Seong-pil, vice president of Korea Investment & Securities’ management strategy office, pose at a meeting to sign a partnership to jointly develop an artificial intelligence platform for financial services. (KT)

Korea Investment & Securities has joined a local alliance to build an artificial intelligence platform for the digital transformation of the financial sector, according to the brokerage firm on Tuesday.

The network operator and stock brokerage firm signed a memorandum of understanding to jointly develop AI systems, a project led by Korean telecommunications giant KT.

Launched in February this year, the alliance, dubbed AI One Team, consists of tech giants, universities and state-run research organizations, including LG Electronics, LG Uplus, Korea Advanced Institute of Science and Technology and the Electronics and Telecommunications Research Institute.

The stock broker said it will make efforts to operate non-face-to-face systems for financial services.

“The latest partnership between the leading telecom firm and top-tier brokerage is meaningful in a sense that companies in different segments could create synergy,” said Moon Seong-pil, vice president of Korea Investment & Securities’ management strategy office.

The joining of the brokerage is expected to beef up the partners’ development capability of AI systems for financial services, human resources, and automation.

“The coalition will try to expand the AI ecosystem in the nation and accelerate AI-driven innovation,” said Jeon Hong-beom, chief of KT’s AI unit.

By Kim Young-won (