(Getty Images)

The financial regulator and Naver, the top online portal operator, signed an agreement Wednesday on cooperation for the digitalization of the financial sector.

Under the memorandum of understanding, the Financial Supervisory Service (FSS) will seek to utilize Naver's latest information technology, such as artificial intelligence (AI), to boost its monitoring and inspection capabilities.

"The Financial Supervisory Service plans to actively utilize the latest digital technology in its financial inspection activities," FSS chief Lee Bok-hyun was quoted as saying during a signing ceremony held at the FSS headquarters in Yeouido, Seoul.

"With the MOU, it (FSS) is expected to be able to further strengthen its oversight and inspection capabilities, while also enhancing its protection of financial consumers, using Naver's IT technology," he added, according to the financial regulator.

Choi Soo-hyun, the chief executive officer of Naver, said the company will work to help the FSS create a tailored AI solution for the digitalization of its operations, according to the FSS. (Yonhap)