Hanwha Life Vice Chairman and CEO Yeo Seung-joo delivers a welcome speech during the opening ceremony of the Hanwha AI Center in San Francisco, Dec. 3. Courtesy of Hanwha Life

Three financial affiliates of Hanwha Group — Hanwha Life, Hanwha General Insurance and Hanwha Asset Management — opened the Hanwha AI Center (HAC) in San Francisco, with the goal of closely collaborating with the local ecosystem in the heart of the AI industry.

The three firms said, Monday, that their ultimate goal is to enhance the overall competitiveness of Hanwha's financial subsidiaries.

The opening ceremony, which took place on Dec. 3, was attended by Hanwha Life Vice Chairman and CEO Yeo Seung-joo, along with the heads and other key figures of each subsidiary.

Additionally, renowned AI experts collaborating with HAC, such as Andrew Ng, founder of DeepLearning.AI and adjunct professor at Stanford University's computer science department, and James Landay, head of Stanford University's Human-Centered AI, were also present.

"HAC embodies the vision of shaping the blueprint for the future of the economy and financial services," Yeo said in his welcome speech. "Located at the heart of the global AI ecosystem, it aims to contribute to the sustainable development of Korea's financial industry through active collaboration with local networks."

The companies said HAC plans to actively engage in networking and collaboration with leading local universities, AI startups and investment firms.

Through this, it aims to contribute to the development of advanced financial products for the future, securing proactive investment opportunities and promoting open innovation and new business ventures, ultimately advancing innovative AI technologies.

The center will also play a role in presenting social consensus and ethical discussions on the role of finance in the AI era and serve as an opinion leader in contributing to the sustainable development of humanity.

Hanwha Life has been strengthening its AI capabilities across various business sectors in order to evolve into a global comprehensive financial group.

The company has been investing in AI research since 2014 and has been leading digital innovation and transformation by filing AI-related patents annually since 2020.