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Finance

IBK Industrial Bank of Korea adopts AI system to detect misselling of investment products

IBK Industrial Bank of Korea is introducing an AI-based system to check for potential misselling risks that may arise after investment products are sold. The bank aims to raise the level of financial consumer protection by automating its post-sale management process, which had relied mainly on manual work. The system analyses post-sale product data, customers\' investment experience and abnormal transaction patterns to automatically identify potential risk factors.

Finance

FSC chairman Lee Eok-won signs up for public participation growth fund

Lee Eok-won (이억원), chairman of South Korea\'s Financial Services Commission, signed up on Thursday for the public participation growth fund that went on sale that day and urged public involvement. He visited an NH NongHyup Bank branch in Seoul to complete the subscription process, including investor profiling and reviewing disclosures. The fund is designed to share policy outcomes with the public by investing in advanced strategic industries.

Finance

Woori Financial revamps outside directors, brings in consumer protection, AX experts

Woori Financial Group’s executive candidate recommendation committee decided to reappoint outside director Yoon In-seob and nominate Jung Yong-gun and Ryu Jung-hye as new outside director candidates, the group said. It said the picks are aimed at adding expertise in financial consumer protection and AI transformation. Woori Financial also confirmed a charter amendment for next month’s annual meeting to strengthen shareholder control, including requiring a special resolution for a CEO’s third consecutive term.