The Bank of Korea has reportedly decided to set up a “Digital Innovation department”, as part of its organizational reform in the later half of 2020. 

Specifically, the bank is reportedly looking to roll out a few different technologies, nominally artificial intelligence and blockchain, via the digital innovation department.

The department will reportedly be in charge of executing tasks like the implementation of new digital technology policies, as well as develop the newest digital infrastructure. 

 “We will improve work efficiency by applying minutes from meeting minutes to financial and economic indicator trends and foreign exchange audits with the technology introduced.” A representative from the Bank of Korea reportedly remarked. 

Previously, the Bank of Korea was reportedly eyeing blockchain tech as a viable solution to strengthen the bond market technology. This initiative would reportedly enable the distribution of bond records throughout all participants. 

Korean ministries have reportedly also disclosed previously that an amount of fund of up to $3.2 million will be dedicated to further the growth of blockchain tech across the nation.