Written by Kang Jae-woon
SEOUL, Feb. 17 (Yonhap) – Nearly 7 out of 10 patent applications filed in South Korea for investment-related artificial intelligence (AI) were filed by privately held companies or startups, a report revealed on Tuesday, suggesting venture companies are leading the AI transformation in the financial sector.
According to a report by the Korea Capital Market Research Institute, 67% of financial investment-related AI patent applications are filed by domestic SaaS (Software as a Service) companies.
According to the report, 76% of these were designed to be sold to other businesses or businesses, and only 14% were targeted at individual customers.
Many of the patent applications involved AI designed for standardized tasks, such as commissioning financial instrument trading, monitoring abnormal trading activity, and analyzing stock prices.
According to the report, AI patent filings were minimal in areas that deal with nonpublic information, rely on human networks, such as transactional procurement, or involve high financial risks.
“An active role of governments and regulators is needed to ensure that AI innovation spreads across the financial investment industry rather than being concentrated in specific areas,” he added.
Yeouido financial district in western Seoul (Yonhap)
fairy dust@yna.co.kr
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