Seoul: The Bank of Korea (BOK) has introduced an in-house artificial intelligence application developed in collaboration with internet giant Naver Corp. This AI tool is designed for internal data analytics and research within the central bank.

According to Yonhap News Agency, the AI application, named BOKI (Bank Of Korea Intelligence), was announced during a joint AI conference held in Seoul. BOKI specializes in finance and economics and is built on Naver's cloud infrastructure and large language model. It has been integrated into the BOK's internal network for use by its employees.

The system is organized around five essential pillars, aligning with the central bank's functions. It can answer user queries, summarize and analyze documents across a broad spectrum of research materials, and translate official publications into various foreign languages. Since 2020, the BOK has been pursuing digital technologies to enhance its research capabilities and establish a data governance framework, with BOKI's full-scale development commencing in 2024.

BOK Governor Rhee Chang-yong emphasized the importance of a sovereign AI that comprehends the financial and economic system's history, institutions, and cultural aspects. He noted that the cooperation between the BOK and Naver could invigorate South Korea's AI industry through public-private collaboration.

Lee Hae-jin, founder and board chair of Naver, highlighted the project's potential to strengthen the country's financial intelligence and innovation. He pointed out that the initiative recognizes the BOK's data as a critical national strategic asset, contributing to smarter monetary policy and financial stability. The project aims to innovate the central bank's role and elevate South Korea's financial intelligence.