Bank of Korea, the country’s central bank, has inked a memorandum of understanding (MoU) with Kakao Enterprise for developing its artificial intelligence (AI) capabilities.

Through this partnership, which is said to be BOK’s first digital partnership with a private firm, will help BOK adopt and utilise the AI solutions for its business and policymaking.

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The partnership is part of BOK’s 2030 growth initiative centred on digital transformation, which follows a major shift in the use of digital currencies and non-face-to-face transactions globally.

BOK in a statement said: “The BOK’s AI technology project will be divided into two key areas – AI for task support and AI for policy support.

“We plan to start with AI for task support and gradually expand the partnership towards AI for policy support.”

To carry out this project, BOK will launch a dedicated ‘digital innovation division’ comprising its officials and Kakao employees, in the second half of this year.

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BOK added: “We are going to establish a research team aimed at embracing state-of-the-art technologies ― such as big data and AI ― in the latter half of this year, and the team will partner with the Kakao subsidiary to enhance the BOK’s AI capacity.

“We have chosen Kakao Enterprise as a partner due to its advancement of existing technologies with its AI and search technology and its leading role in building an AI ecosystem.”

Launched in late last year, Kakao Enterprise is the artificial intelligence solutions subsidiary of IT giant Kakao.