Ha Tae-kyung Demands Apology from Chairman Lee Eogwon over Financial Services Commission's Opposition to AI Joint Venture

Development of Three Major AI Solutions Spurs 2.5 Billion Won Overseas Joint Venture
Commission Opposition Stalls Progress Ahead of Board Review on the 7th
"Commission Overstepping Authority... Ministry of Justice Also Supports Project Feasibility"

Ha Tae-kyung, President of the Korea Insurance Training Institute, demanded on August 5 that Lee Eogwon, Chairman of the Financial Services Commission, issue an apology after the Commission objected to a 2.5 billion won joint venture the institute is pursuing to commercialize its self-developed educational artificial intelligence (AI) solution.

Ha Tae-kyung, President of the Korea Insurance Training Institute, speaks at a press briefing held on the 5th at a Korean restaurant near Gwanghwamun, Jongno-gu, Seoul. Photo by Moon Chaeseok

At a press conference held on this day at a Korean restaurant near Gwanghwamun in Jongno-gu, Seoul, President Ha criticized the Commission, saying, "With the upcoming board review on the 7th, the Financial Services Commission notified us of its opposition, putting the project at risk of collapse."

He added, "Not only is the Commission opposing the institute's educational AI joint venture, but it is also actively interfering," and demanded, "Chairman Lee must withdraw his outdated opposition to AI entrepreneurship and formally apologize to the institute and its executives and employees."

The institute developed three types of educational AI solutions after listening to voices from the insurance field for two years: an AI sales coach, an AI exam creation system, and an AI learning experience platform (LXP). These solutions allow a virtual AI client to conduct consulting training for insurance planners and to evaluate the results.

President Ha explained that the institute sought a joint venture with overseas companies to minimize financial burdens and secure profitability, but now faces the risk of the project being derailed due to the Commission's opposition. The investment structure is set for the institute to contribute 1 billion won, Taiwan-based AI developer Wisdom Garden to contribute 1 billion won, and Singaporean fintech company X402 Labs to contribute 500 million won.

He stated that the institute undertook steps to confirm the legality of the joint venture, including reviewing Supreme Court precedents, obtaining interpretations from the Ministry of Justice, and seeking legal advice from outside law firms. He noted that the Ministry of Justice, citing Supreme Court precedents, provided an authoritative interpretation stating that even non-profit organizations can, within the scope necessary to achieve their objectives, engage in for-profit activities incidental to their non-profit business.

He reported that the 1 billion won to be contributed by the institute constitutes a minority stake that does not entail management rights, confirming that such an investment is permissible under the current articles of association, according to the comprehensive Ministry of Justice interpretation. He also emphasized that a put option, allowing the investment to be withdrawn within three months of the next president's inauguration, was established as a risk mitigation measure.

President Ha pointed out, "Despite ensuring legality and hedging the investment with an exit mechanism, the Commission is arbitrarily blocking the project for unclear reasons—this is entirely inconsistent with the government's principle of pursuing a regulatory zero-base—and amounts to both overreach and abuse of authority by the Commission."

He requested, "The presidential office should step in to investigate the Financial Services Commission, which is openly defying President Lee Jaemyung's vision of a start-up-driven nation, and take immediate action."

This content was produced with the assistance of AI translation services.