President Yoo Jae-hoon of Korea Deposit Insurance Corporation (KDIC) met with Dominique aboureix, chair of the European Union’s Single Resolution Board (SRB).
The Single Resolution Board is the central resolution authority within the Banking Union, which at present is 20 eurozone countries and Bulgaria.
The purpose of the meeting was to exchange views on ways to improve the insolvency resolution systems of both institutions and to strengthen cross-border cooperation.
President Yoo Jae-hoon explained that Korea is pursuing improvements to its resolution system, including the introduction of a financial stability account, to comply with international standards recommended by the Financial Stability Board (FSB).
He also requested that the SRB share its expertise in coordinating opinions on important matters within its 21 member countries and consider developing resolution plans for banks operating across multiple countries.
Chairman Laboureix of the SRB expressed his intention to actively provide advice on improving resolution systems in Asia as chair of the FSB’s Resolution Steering Group (ReSG).
The Resolution Committee under the FSB oversees international standards and guidelines for financial institution resolution systems.
In Korea, the Financial Services Commission and KDIC are members. Chairman Laboureix was appointed as chair of the ReSG in March 2025.
Chairman Laboureix emphasized the importance of KDIC’s participation in international discussions on resolution systems, given its extensive experience in resolving small and medium-sized banks.
He asked KDIC to have continued interest and expressed hope for the strengthening of a relationship between KDIC and the SRB.
In the Knowledge Sharing Session following the meeting, the two organizations presented the current status of their resolution systems and discussed initiatives to improve resolution systems for financial institutions.
Laboureix emphasized that the SRB’s priorities are to implement international standards established by the FSB and to strengthen and expand cooperation among countries.
KDIC has signed cooperation agreements with the SRB, the U.S. FDIC and the Japanese Financial Services Agency. Going forward, the KDIC will expand cooperation to countries such as Switzerland and China and strengthen exchanges and collaboration with overseas resolution authorities.
Furthermore, by actively benchmarking best practices, the KDIC will continuously strengthen its capabilities needed to improve resolution systems for insolvent financial institutions.
Establishment of AI-Based Inspection System
To protect financial customers, KDIC has established the AIMS System, an AI-based online display inspection system to check whether financial institutions appropriately provide depositor protection-related information.
The AIMS System automatically collects financial product information from bank and savings bank websites and then uses AI to check for an appropriate display of deposit insurance information and the deposit insurance logo.
The construction of the system began in the second half of 2024 after a pilot project in 2023 as part of the Digital KDIC Project.
Natural language processing-based deep learning AI, suitable for identifying information, was applied to the AIMS System. The system achieved inspection accuracy of approximately 97% during its pilot operation phase.
With the establishment of the AIMS System, the online inspection work that required workers to individually check a vast amount of financial product information on financial companies’ websites will be largely automated, which is expected to significantly boost KDIC’s work efficiency and accuracy.
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