A demonstration of a future growth model in collaboration between IBK Corporate Bank and fintech startup Antock. On the left is Park Jae-joon, CEO of Antock/Photo: Kim Sung-hui (Las Vegas)
Demonstration of a future growth model in collaboration between IBK Corporate Bank and fintech startup Antock: Kim Sung-hui (Las Vegas)
Fintech and data companies Antock collaborated with IBK Corporate Bank to develop a solution that utilizes AI (artificial intelligence) to discover and invest in startups. This is the first time that a large domestic bank has such a program. IBK Bank will soon apply this to practice.
CES is the world's largest electronics and technology fair held every January in Las Vegas, USA. This is the first time this year that IBK Corporate Bank participated. The link for the bank's participation in the IT exhibition is fintech technology using AI (artificial intelligence).
The core content of the IBK Corporate Bank booth at the Las Vegas Convention Center (LVCC) is a new corporate evaluation model. Together with Antock, IBK Corporate Bank built an algorithm that allows startups that were difficult to determine growth potential due to insufficient existing financial information to know future value, and named it Future Growth Model (Future Growth Model).
Park Jae-joon, CEO of Antock, met with the media 'Unicorn Factory', a media specialized in MoneyToday startups here to demonstrate the program and said, “If the investor wants to discover a company, the possibility of an IPO success, and if it is a bank, the aspect of forming a relationship while growing over the long term will be important,” and “The future growth model is a method for AI to extract companies with the most growth factors suitable for each purpose.”
Users first select their own circumstances, such as whether they are investors or banks, and the desired industry sector. The AI system learns past success stories within IBK and determines what factors were important for success in the field selected by the user. The weight for each factor varies depending on the industry group. This result can be applied to actual loan screening or investment screening.
In fact, after selecting the requirements as set by CEO Park, AI selected promising companies and displayed the list on the screen. Users can check evaluation results such as tangible performance, profitability, and patented technical capabilities, as well as the basis for such a judgment. The spread of “AI auditors” that replace part of loan screening or investment screening is expected to have an impact on venture loans and startup investment services.
Mr. Park said, “After a year and a half of cooperation and development with IBK, we verified how well this model can select companies.”
IBK is also operating IBK Changgong, a startup startup development platform.
