Financial Services Commission Chairman Lee Eok-won meets Standard Chartered Group executives to discuss AI-related financial risks

[Financial News] On the 12th, Financial Services Commission Chairman Lee Eok-won met with British Standard Chartered Group Chief Financial Officer (CFO) Manus Costello and Chief Risk Officer (CRO) Jason Forester at the Seoul Government Complex. During the meeting, Lee and Standard Chartered Group executives discussed changes in the global financial environment and new risk factors brought about by technological innovation, including artificial intelligence. They agreed on the importance of safe and responsible AI transformation (AX) that takes potential risks into account as AX accelerates in the financial industry.
They also exchanged views on how to develop South Korea as a global financial hub. According to the Financial Services Commission, Seoul ranked seventh and Busan 22nd in the recently released Global Financial Centres Index (GFCI). Standard Chartered Group representatives said South Korea had a strong foundation for becoming a global financial hub, citing its large-scale exports and industrial base, growing capital market, and world-class IT and digital capabilities. The group also said it would draw on its global network and on-the-ground experience to help strengthen the international competitiveness of South Korea’s financial industry.
Lee said, “Building on the Seventh Basic Plan for Financial Center Development, announced last August, we will continue to improve the institutional framework and environment to help South Korea become a global financial hub,” adding, “It is important to listen to the experience and views of global financial companies.” He added, “We will continue communicating with global financial groups, including Standard Chartered Group, and reflect views from the field in our policies.”
[email protected] Park Mun-su Reporter