Fintech company Finda will work with AI specialist Upstage to commercialise financial AI solutions.

Finda said on Thursday it signed a memorandum of understanding with Upstage to combine their technology and business capabilities to expand AI-based finance and public-sector markets and speed up development of financial AI solutions. Finda is participating as a consortium member in a government-led project to develop an "independent AI foundation model".

Under the agreement, the two companies will cooperate on upgrading generative AI-based financial services, jointly selling co-developed solutions and making joint business proposals for the finance and public sectors.

Finda plans to use its platform and business infrastructure to support Upstage's generative AI model in entering the market. It will also work with Upstage across technology and sales to commercialise jointly developed solutions.

Upstage plans to cooperate across Finda's services around its large language model Solar. It aims to expand the scope of AI applications to areas such as financial data analysis, document automation and upgrades to customer response functions.

The two companies also plan to expand joint projects in the finance and public sectors by combining their solutions, going beyond a simple technology partnership. They plan to integrate Upstage's generative AI technology with Finda's understanding of financial data and service operations to introduce integrated solutions in areas including automation of financial sector work, AI-based risk analysis, automation of customer consultation and document processing, and digital transformation for public institutions.

A Finda official said, "This agreement is meaningful in that it applies generative AI to financial services on the ground and carries it through to the commercialisation stage, linking it to actual business results." The official added, "We will create visible results by combining Finda's accumulated capabilities in financial data-based services with Upstage's AI technological strength."