Agustín Carstens, former General Manager of the Bank for International Settlements (BIS), speaks during an exclusive interview with AJP at The Plaza Seoul on Tuesday, March 24, 2026. AJP Yoo Na-hyun.

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SEOUL, March 27 (AJP) - Unlike globally recognized industrial giants such as Samsung, LG and Hyundai, South Korea’s financial sector remains relatively underexposed overseas — yet its domestic orientation could become a strategic advantage in the era of artificial intelligence, a former top central banker said.

Artificial intelligence is set to fundamentally reshape financial intermediation, from payments to supervision, according to Agustín Carstens, former general manager of the Bank for International Settlements.

“AI will facilitate what we call ‘agentic payments,’ but, more importantly, it will significantly enhance the efficiency of transaction settlement,” Carstens said in an interview with AJP.

He added that AI-enabled transparency could materially lower compliance costs by allowing regulators to monitor financial institutions in real time.

“If regulators have continuous access to banks’ balance sheets and can assess them rapidly using AI, the need for heavy and costly reporting frameworks diminishes considerably,” he said.

Carstens also pointed to growing momentum behind South Korea’s digital currency initiatives, particularly the Bank of Korea’s won-based stablecoin project, under incoming governor Shin Hyun-song — a former BIS colleague.

Shin’s appointment comes at a critical juncture for financial innovation. Carstens underscored his expertise in tokenization, central bank digital currencies and AI-driven financial systems.

Agustín Carstens, former General Manager of the Bank for International Settlements (BIS), speaks during an exclusive interview with AJP at The Plaza Seoul on Tuesday, March 24, 2026. Aju Business Daily Yoo Dae-gil.

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“Through the BIS, we have undertaken extensive work on tokenization, central bank digital currencies and the broader impact of AI on the economy,” he said. “He is a leading expert in these areas and is well positioned to sustain the Bank of Korea’s momentum in advancing the digitalization of the financial system.”

Carstens was in Seoul to speak at the 19th Asia-Pacific Financial Forum (APFF) 2026, hosted by Aju Business Daily, which this year examined why Korea’s financial sector has lagged its industrial base in global reach.

However, longer-term digital ambitions remain contingent on near-term macro risks.
South Korea’s energy-dependent economy is highly exposed to disruptions in the Middle East, particularly via the Strait of Hormuz, a critical artery for global oil and gas flows.

“Korea depends significantly on energy supplies that transit the Strait of Hormuz,” Carstens cautioned. “Any disruption there could have immediate and material consequences for key sectors of the economy.”

Such geopolitical shocks, he added, could weigh on the manufacturing and digital backbone of the economy — even as AI opens a pathway for structural upgrading in finance.
Kim Yeon-jae Reporter duswogmlwo77@ajupress.com

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