Woori Bank said on Thursday it has launched “Woori Advanced Leading Company Loan” in support of financial regulators’ “productive finance” policy shift and to underpin real-economy growth. The product is part of Woori Financial Group’s “Future Companion Growth Project” and is included in a plan to supply 56 trillion won in corporate loans. It focuses on expanding financial support for companies in advanced strategic industries and firms with growth potential and technological capability.

South Korea will implement its AI Basic Act on Jan. 22, setting governance rules to ensure AI transparency and safety and expanding risk management duties for providers of high-impact or generative AI products and services. The government will operate a grace period and delay fines for at least a year. It will also begin allocating advanced GPUs from February and push a project to secure an independent AI foundation model. From the second half, malicious distributors of false, manipulated information may be ordered to pay up to five times damages, and repeat distributors could face administrative penalties.