On July 22, the Bank of Korea(BOK) announced that it will establish a digital innovation team, a dedicated organization to promote digital innovation. Digital innovation is one of the four strategic objectives of the Bank of Korea’s mid- to long-term development strategy, ‘BOK 2030’.

The BOK’s digital innovation team will be established under the vice-governor’s position and specialize digital new technologies such as blockchain, artificial intelligence (AI), and big data to banking system. Afterwards, it is expected to be used as a policy aid such as economic analysis and prospects.

An official from the BOK said, “We plan to improve the work efficiency by applying blockchain technology to prepare reports in meetings, develop economic indicator trends in financial markets, and examine foreign exchange. We will expand the scope of its application to analysis and prospects, and develop it to a level that can be used as a policy aid.”

Meanwhile, The BOK plans to collaborate with specialized companies by sectors and technologies for the future of digital innovation. On June 23, BOK signed business parnership with KaKao Enterprise for AI technology.