The working group will seek to promote the use of AI adoption in financial services as part of the government's'New Deal' policy initiative. South Korea's FSC (Financial Services Commission) on Thursday (16 July) held a kick-off meeting of a new working group tasked with promoting the use of artificial intelligence (AI) technology in financial services. "AI technology can help improve the effectiveness, inclusiveness and accountability while lowering costs in providing financial services," the FSC said, pointing to credit scoring, loan assessment, insurance and asset management as service areas that will benefit. The move to promote AI adoption in financial services is part of the government's KRW 114 trillion'New Deal' policy initiative, which centres on creating more tech sector jobs and promoting digitalisation of industries as a new post-coronavirus growth engine. At the meeting, participants discussed major trends and policies surrounding the application of AI in financial services, the working group's plans to promote the sector.