Lee Eog-weon Meets SC Executives... Discusses AI-Driven Tech Innovation, Changes in Financial Environment
Met with CFO Manus Costello at the Government Complex Seoul
Reviewed risk factors amid the accelerating AX transition
Financial Services Commission Chairman Lee Eog-weon met with Manus Costello, chief financial officer (CFO) of the UK-based Standard Chartered Group, to discuss changes in the global financial environment and risk factors arising from technological innovation, including artificial intelligence (AI).
According to the Financial Services Commission, Lee met with Standard Chartered Group CFO Manus Costello and Chief Risk Officer (CRO) Jason Forrester at the Government Complex Seoul on October 12.
Lee and senior executives from Standard Chartered Group discussed changes in the global financial environment arising from technological innovation, including AI, as well as new risk factors and ways to address them. Both sides agreed on the importance of safe and responsible AI transformation (AX), taking into account potential risks as the financial industry accelerates its adoption of AI.
The two sides also exchanged views on how to develop Korea into a global financial hub.
Standard Chartered Group said Korea has a strong foundation to become a global financial hub, supported by its large-scale export and industrial base, growing capital market, and world-class IT and digital capabilities. The group also said it would contribute to strengthening the international competitiveness of Korea's financial industry by drawing on its global network and on-the-ground experience.
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In response, Lee said the government would improve the systems and environment needed for Korea to become a global financial hub, based on the 7th Basic Plan for Financial Hub announced last August. He added that listening to the experience and views of global financial companies was important, and that the government would continue engaging with global financial groups such as Standard Chartered Group and actively reflect feedback from the field in its policies.
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