The Korea Fintech Industry Association and Korea Evaluation Data (KODATA) held a forum on 'Credit assessment using AI (artificial intelligence)' at The Federation of Korean Industries conference center in Yeouido, Seoul, on the 3rd.
This forum was a joint event hosted by the Korea Fintech Industry Association and Korea Evaluation Data. It was organized to examine trends and key cases of credit assessment services based on AI, and to discuss the development direction of digital finance and institutional challenges.
Researcher Kim noted that it is necessary to establish AI governance within corporations to manage potential risks of AI. He emphasized that 'credit assessment based on AI faces several challenges, including fairness issues arising from algorithm bias, a lack of transparency in complex AI models, and limitations of evaluation indicators,' adding that a flexible regulatory framework fitting the characteristics of AI, standardization of technology, and solutions to information asymmetry must be established.
Chairman Jeong pointed out the problems with alternative credit assessments, such as concerns about personal information and privacy invasion, lack of explainability, data bias, and inadequate laws and systems. He emphasized the need for the right to access information utilization records, the introduction of explainable AI (XAI) technologies, securing data diversity, and establishing dedicated guidelines for alternative credit assessments. Subsequently, PFCT, GoWith, Crepas Solution, and Korea Evaluation Data successively presented cases of credit assessment and alternative information services utilizing AI.
Lee Geun-joo, chairman of the Korea Fintech Industry Association, said, 'Credit assessment based on AI has already established itself as a core infrastructure of global finance, and it is actively being adopted in our country, centered around fintech corporations.' He expressed hope that this forum would provide an opportunity to collectively address the technical and institutional challenges of AI credit assessment and enhance the international competitiveness of digital financial infrastructure.