Vice Chairman Kwon Dae-young of the Financial Services Commission presided over a meeting on AI transformation with financial companies and related organizations and introduced an updated version of the AI guidelines in the financial sector on June 18. In his opening remarks, Vice Chairman Kwon spoke about the potential of embracing AI agentic services in making financial services more productive, more inclusive, and more trustworthy, and made suggestions in ways to design a new regulatory framework for an era of AI transformation. In this regard, Vice Chairman Kwon said that there needs to be (a) a regulatory and supervisory framework that can ensure a level playing field with regard to the use of AI, (b) clear standards established to make sure that innovation is sought responsibly, and (c) mechanisms to preemptively manage risks to effectively cope with AI-related cyber risks. At today's meeting, the FSC also introduced an updated version of the AI guidelines in the financial sector detailing seven specific principles for the use of AI by financial companies.