Naver, Bank of Korea sign MOU to develop financial archive

Naver, Korea’s largest portal site, and the Bank of Korea formed a memorandum of understanding (MOU) on Friday to develop a large-scale financial archive.

Naver's headquarters in Seongnam, Gyeonggi [YONHAP]

Naver, Korea’s largest portal site, and the Bank of Korea formed a memorandum of understanding (MOU) on Friday to develop a large-scale financial archive. Through the deal, Naver’s large language model HyperCLOVA X will be serviced to the Bank of Korea to make it easier for users to search and summarize data and recommend financial products.

Naver will also integrate its latest AI, IT and cloud technologies into the financial firm’s task management to enhance productivity.

“Two industry leaders, the Bank of Korea at the forefront of finance and economics and Naver, a leading IT company and platform operator, will mutually work together to foster technological innovations in the finance and economics sector,” said Naver’s CEO Choi Soo-yeon.

BOK Gov. Rhee Chang-yong hopes the deal will “strengthen the BOK’s policy formulation and research capabilities” and enhance the quality of nationwide public services.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]