The Korea Fintech Industry Association (Chairman Lee Keun-joo) and Korea Ratings Data (CEO Hong Du-seon) announced that they co-hosted a forum on the topic of ‘Credit Rating Using AI (Artificial Intelligence)’ at the Korea Economic Association Conference Center in Yeouido, Seoul on July 3.
This forum was organized to share the current status of AI-based credit rating technology development and discuss institutional challenges in the digital financial environment. The event was attended by the Korea Institute of Finance, AI Digital Finance Forum, fintech companies, and data analysis specialists, who gave presentations and held discussions.
The forum began with a keynote speech by Kim Young-do, a senior researcher at the Korea Institute of Finance. Researcher Kim pointed out the challenges of AI credit rating technology, such as fairness, transparency, and bias, and emphasized the need for a flexible regulatory system and technology standardization. The importance of establishing AI governance within companies was also mentioned.
Next, AI Digital Finance Forum Chairman Yoo-shin Jeong introduced domestic and international alternative credit rating cases, pointed out realistic problems such as concerns about personal information infringement and lack of explainability, and suggested the need for introducing XAI technology to improve these, transparent disclosure of information usage history, and securing data diversity.
Fintech and data companies also presented case studies. PFCT introduced a case study of building an AI algorithm-based credit rating model, and Gowid introduced a real-time data-based risk measurement system. Crepas Solutions presented an AI-based patterned credit score model, and Korea Evaluation Data presented a case study of collaboration between the real estate DB-based information service 'RealTop' and the Financial Supervisory Service.
The general discussion was moderated by former Korea Credit Ratings Data CEO Lee Ho-dong, and discussed institutionalization of AI credit ratings and data utilization methods with the participation of experts from industry and academia.
In his opening remarks, Lee Keun-joo, chairman of the Korea Fintech Industry Association, said, “AI credit ratings are becoming a key element of digital financial infrastructure,” and added, “I hope this forum will serve as an opportunity to deepen technical and institutional discussions and enhance the competitiveness of the entire industry.” He added that the association will support the institutional establishment of AI-based digital finance through cooperation with the National Assembly, financial authorities, and the industry.
Hong Du-seon, CEO of Korea Credit Ratings Data, said, “As AI technology is changing the structure and flow of the financial industry, I hope that this forum will serve as an opportunity to suggest the future direction of the credit rating field.”
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