NH NongHyup Financial Group holds Agricultural Product Sharing Event at the headquarters building of NH Investment & Securities in honor of the 60th anniversary of NH NongHyup's foundation on Sept. 6. From left are Son Byung-hwan, chairman of NH NongHyup Financial Group, Lee Sung-hee, chairman of the National Agricultural Cooperative Federation, and Jang Man-hee, commander of the Salvation Army. (Photo: NH NongHyup Financial Group)

NH NongHyup Financial Group announced on Sept. 10 that it has signed a memorandum of understanding (MOU) with Korea University’s Industry-Academic Cooperation Group on jointly researching artificial intelligence (AI) and fostering digital talent to promote its digital transformation (DT).

Through this business agreement, the two organizations plan to conduct joint research on the effective provision of financial services using AI.

In particular, they will create best practices, especially focusing on enhancing customer experience for group-wide DT that customers feel.

In addition, Korea University’s big data-based AI technology will be used to secure the latest research trends that will lead NH NongHyup Financial Group’s DT and develop training courses to foster professionals in the big data and AI fields. In this manner, the two sides will forge a practical and friendly partnership in the relevant business field.

“This agreement will further boost NH NongHyup Financial Group’s DT,” said Lee Sang-rae, head of digital strategy division at NH NongHyup Financial Group.

“We hope that employees’ work experience and Korea University’s research capabilities will generate synergies to provide differentiated financial service experiences to NH NongHyup Financial Group’s customers.”

“We have high expectations for Korea University, which is becoming the leading digital educational institution in Korea, such as establishing an AI graduate school,” Lee said.

“We will continue to bring innovation to NH NongHyup Financial Group to make the financial group a digital leader such as massively investing in fostering digital professionals who will lead NH NongHyup finance.”

“This MOU shows the two organizations’ will to promote their cooperation,” said Cho Seok-joo, head of the Industry-Academic Cooperation Group at Korea University.

“In particular, the fintech sector has a huge growth potential. We will create success stories of NH NongHyup Financial Group and Korea University using Korea University’s infrastructure.”

In the meantime, NH NongHyup Financial Group held a ceremony for the Agricultural Product Sharing Event at its South Gyeongsang Provincial Headquarters in Changwon, South Gyeongsang Province on Sept. 8 in honor of the 60th anniversary of NongHyup’s founding.

NH NongHyup in Korean refers to the National Agricultural Cooperative Federation (NACF), established to contribute to improve the economic, social and cultural status of farmers and promote the balanced development of the Korean economy.

On hand were NongHyup Financial Group Chairman Son Byung-hwan, South Gyeongsang Province Governor Park Jong-won and Salvation Army Minister Kang Tae-seok, among others.

The Agricultural Product Sharing Event is a large-scale social contribution activity to donate a total of 3.2 billion won worth of agricultural product packages nationwide in commemoration of the 60th anniversary.

The campaign began at NH Investment & Securities Headquarters Building in Seoul. Chairman Son himself visited the South Gyeongsang Province area in support of the national wide event to reach out to people in need at a time when the COVID-19 crisis has been prolonged with no sign of dying down soon.

The NH NongHyup Financial Group, along with the Salvation Army in South Gyeongsang Province will contribute agricultural product packages to vulnerable groups such as of low-income families, senior citizens living alone and the disabled.

In addition, quarantine medical workers combating the COVID-19 virus will also receive agricultural product packages from NH NongHyup Financial Group.

“I hope that the Agricultural Product Sharing Event will make all of South Gyeongsang Province residents happy and help them overcome this difficult time together,” Son said.

“As a financial institution leading the way in social responsibility management, NH NongHyup Group will faithfully play its roles for agriculture, farming areas and local communities.”

NH NongHyup Financial Group is focusing its enterprise-wide capabilities on becoming a leading ESG financial group.

In particular, the financial group and all of its affiliates will steadily improve the environment and carry out social contribution activities for local communities, agriculture and farming areas with the goal of realizing social value.