MegazoneCloud, an AI and cloud company, said on Aug. 24 it will cooperate with Finger, a financial smart platform specialist, on AI transformation (AX) in the financial industry.

The two companies agreed to invest 30 billion won each to effectively support the agreement.

They plan to cooperate on jointly 추진 AX projects and system integration projects for financial institutions, jointly develop, commercialise and expand AI solutions specialised for financial operations, and provide integrated infrastructure and application operations, including commercialising subscription-based services.

The two companies also plan to actively push into overseas financial markets based on AX project experience accumulated through close cooperation. They judge that, unlike in South Korea, overseas markets where regulatory burdens such as network separation are not large will allow financial institutions to build non-face-to-face channel systems more quickly and economically on public cloud infrastructure.

They plan to add Finger's capability in building financial applications to MegazoneCloud's global bases established in 10 countries. They also plan to expand cooperation from supporting South Korean financial institutions' overseas expansion to business targeting local financial institutions.

MegazoneCloud CEO Dong-hoon Yeom (염동훈) said, "If we combine our experience leading AI transformation for many financial companies with Finger's expertise in fintech, we can create an AX model specialised for financial operations." He said, "Through this, we will contribute to advancing the domestic financial market and expand results to overseas financial markets as well."

Finger CEO In-ju Ahn (안인주) said, "Since building South Korea's first smart banking system, we have been thinking about ways to provide the capabilities we have built in the financial field to more customers for longer." She said, "By joining MegazoneCloud's AI and cloud capabilities, we will create new growth opportunities in financial AI, in manufacturing physical AI, and in overseas markets."