Shin Hyun-song vows to improve AI subscription fee data, scrutinize crypto card risks

Bank of Korea Governor Shin Hyun-song said Monday that the central bank faces limitations in tracking detailed statistics on AI subscription fees and pledged to work toward improving its data collection. He also said the bank would closely examine the risks posed by overseas crypto cards, including the potential for regulatory evasion.

Shin made the remarks during a national audit of the Bank of Korea by the National Assembly's Finance and Economic Planning Committee on Monday morning, responding to questions from Democratic Party of Korea lawmaker Kim Nam-jun, who argued that AI subscription fees are becoming a significant household expenditure and that the bank should review its tracking and statistical framework for such spending.

On AI subscription fee statistics, Shin said goods trade can be captured relatively accurately because customs data is available, but services trade must be compiled through other means. "We mainly collect data through payment instruments — particularly credit card spending," he said.

AI subscription fees are included in knowledge-services trade statistics, but Shin acknowledged it is difficult to break them out separately from the broader figures. "We do not yet have easy access to the information needed to compile detailed statistics specifically for AI subscription fees," he said, adding that the bank would "continue working to produce more accurate statistics that keep pace with the times."

Shin also noted that the services account deficit remains relatively small compared with the goods trade and current account surpluses. "The services account deficit is around $37 billion, and most of that is travel," he said. "The scale is still small, but as you pointed out, we will keep working toward more accurate statistics."

Market observers have flagged rapidly growing AI service subscription spending as a potential driver of a widening services account deficit. Park Seong-gon, head of the Bank of Korea's balance-of-payments team at the Economic Statistics Bureau, said last month that while the absolute amount spent on AI service subscriptions is not yet large, the pace of growth is extraordinary. "Looking at credit card spending, the category that includes AI doubled in the first half of this year compared with the same period last year," Park said.

On crypto cards, Shin said the bank also needs to examine risks including regulatory evasion, given that overseas providers offer such services based on dollar-denominated stablecoins.

"When a crypto card is used, an intermediary converts the funds into legal tender for payment, adding an extra step in the process," Shin said. "We understand that fees are generally considerably higher than with other payment methods."

He went on to say that because all crypto card operators are based abroad and primarily use dollar stablecoins, the risks raised by the lawmaker are real. "We will monitor the situation closely, supplement our information, and consult closely with relevant agencies," he said.