Search results for AI CFO
Finance
Financial sector \'digital risks\' rise, putting IT controls to the test
As financial companies expand use of AI, South Korean regulators are sharpening oversight of security and internal controls. The Financial Services Commission plans to exempt sanctions for minor system disruptions during AI security tests or emergency patches if conditions are met, while requiring swift recovery and consumer protection. The Financial Supervisory Service will intensively inspect IT basic controls in the second half and urged banks to build AI internal-control systems. A Woori Bank data leak and broader market and industry moves have also highlighted digital risks.
Finance
Jeju Bank files patent for AI-based cash flow forecasting model
Jeju Bank has filed a patent application for a core technology used in its AI-based corporate cash management service, AI CFO. The technology combines companies’ ERP data with financial data to forecast future cash inflows and outflows and ease cash management burdens for small and medium-sized enterprises. The bank said it is the first regional bank to file a patent for an AI-based future cash flow forecasting model.
Finance
Jeju Bank unveils \'DJ Bank\'; Shinhan chair says ERP banking can help surpass regional bank limits
Jeju Bank unveiled the first solutions for its digital corporate finance brand, DJ Bank, on Wednesday at Thezoin Eulji Tower in central Seoul. The event presented the basis for an ERP-banking business alongside the brand’s launch. The solutions include an alternative credit evaluation model, a corporate parking account product, loans to support AX solutions and an ERP-linked receivables-backed loan. Shinhan Financial Group Chairman Jin Ok-dong said ERP banking is a new corporate finance model.