‘4th Industrial Revolution technologies to add value of financial industry,’ says an official

‘4th Industrial Revolution technologies to add value of financial industry,’ says an official. March. 01, 2018 07:38. by Yoo-Hyun Kang yhkang@donga.com.
“The key technology of the fourth industrial revolution such as artificial intelligence (AI), big data and block chain will become the new growth engine that will enhance the added value of the finance industry,” said Choi Heung-sik, governor of the Financial Supervisory Service (FSS). “New technology, however, may threaten the safety of the financial system as it may cause unpredictable risks.”

Choi said this in his welcome speech at the “Dong-A Infosec 2018 - Information Security & Privacy Conference” held at the Korea Federation of Bank in Myeongdong, central Seoul on Wednesday. The fifth annual event was co-hosted by The Dong-A Ilbo and Channel A under the theme “Financial Security in the Era of Digital Innovation.”

“While providing support to invigorate big data, we will make sure to guarantee the data subject’s ‘right to informational self-determination’ in order to make sure that consumers’ rights are not unjustly violated during the process of using big data,” said Choi.