JB Financial signs MOU to invest 40 billion won in AI firm Upstage

[Financial News] JB Financial Group affiliates The Jeonbuk Bank Ltd., Gwangju Bank and JB Woori Capital will invest a total of 40 billion won in domestic artificial intelligence (AI) technology company Upstage Co., Ltd.
According to financial industry sources on the 20th, JB Financial is set to secure a stake of about 2% in Upstage Co., Ltd. through the investment.
The investment is a follow-up to the “Strategic Partnership for Cooperation in Finance, AI Technology and Business (MOU)” signed by JB Financial and Upstage Co., Ltd. on the 14th of last month.
JB Financial Group has been stepping up its group-wide AI transformation (AX) since this year. It is working to boost productivity by applying AI to key business processes, including information technology (IT) development, compliance and corporate lending. The group plans to use this strategic investment as an opportunity to build a medium- to long-term cooperation framework with Upstage, going beyond one-off technology adoption.
The two sides plan to pursue joint development of AI agents specialized for finance, as well as training and personnel exchanges to strengthen the AI capabilities of executives and employees and regional AI cooperation projects in partnership with local governments and universities. It is significant that they will pursue business cooperation to apply AI technology to actual financial operations, going beyond a simple equity investment.
JB Financial Group Chairman Kim Ki-hong said, “We will use AI as a means to structurally transform how we work and improve productivity, and build tangible success stories in AX.”


[email protected] Ye Byung-jung Reporter