BOK teams up with Naver to launch world-first central bank sovereign AI service

Bank of Korea (BOK) Governor Rhee Chang-yong, front row fourth from left, poses with Naver founder Lee Hae-jin, front row third from left, Naver CEO Choi Soo-yeon, front row second from left, and Second Vice Minister of Science and ICT Ryu Je-myung, front row fifth from left, at a conference jointly held by BOK and Naver at BOK headquarters in Seoul, Wednesday. Yonhap

Bank of Korea (BOK) and Naver have jointly launched a finance- and economy-focused sovereign artificial intelligence (AI) system, the first such initiative by any nation’s central bank, they said Wednesday.

The landmark step in digital sovereignty has led to the unveiling of Bank of Korea Intelligence (BOKI), an AI service developed over 18 months through public-private cooperation and operated entirely within the central bank’s internal network.

According to BOK, Naver provided cloud infrastructure and its large language model, HyperCLOVA X, while the central bank standardized over 1.4 million documents for AI applications.

BOKI is installed on an on-premise system within the BOK’s internal network, making it a fully sovereign AI platform, a first among global central banks.

This is an exception to Korea’s network separation rules, which require financial entities’ internal systems to be isolated from external networks. The decades-old policy seeks to prevent hacking and data leaks, but has been criticized for stunting cloud-based financial innovation efforts.

The BOKI drive, a pilot and test case spearheaded in cooperation with the National Intelligence Service, makes the central bank the first public institution to seek a revision to the outdated rules.

The launch highlights Korea’s push to secure independent AI capabilities in public and financial sectors, as the importance of data security, technological self-reliance and trust in AI systems are becoming national policy priorities.

The sovereign AI model adoption, the BOK said, is expected to help ensure that critical financial and economic data remain fully under domestic control, free from external dependence.

“One of the topics most frequently discussed with other central bank governors and heads of supervisory authorities at Bank for International Settlements governors’ meetings is AI,” BOK Governor Rhee Chang-yong said during his welcoming remarks.

In addition to studying how AI affects global economic and financial stability and productivity growth, major central banks and supervisory authorities around the world are actively moving to build their own in-house AI systems.

However, he added, most countries choose not to develop their own models.

“Instead, they use AI services provided by global leading companies such as OpenAI, Microsoft and Google, while focusing on securing data protection and security internally.”

Beyond internal use, the the cental bank hopes BOKI can become a model case for sovereign AI development in the public sector.

“We will share our experience and know-how with other public entities, establishing BOKI as a benchmark for public-sector digital innovation,” Rhee added.

Bank of Korea (BOK) Governor Rhee Chang-yong, left, shakes hands with Naver founder Lee Hae-jin at a conference jointly held by BOK and Naver at the central bank headquarters in Seoul, Wednesday. Yonhap

Naver founder Lee Hae-jin said in response the joint project was driven by a core question: What should be the priorities when introducing AI at BOK?

“I was most impressed by the central bank’s advanced approach of using its vast data assets, key national strategic assets," he said.

The project was carried out with a clear focus not only on speed, but also on trust and stability, he added.

"It would be an honor if this AI initiative contributes meaningfully to the BOK’s organizational culture, elevating the country’s overall national intelligence further.”

BOKI is structured around five core service areas aligned with the central bank’s main functions, including research, compliance guidelines, document summary and analysis, integrated data analytics, and translations.