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KAIST names former Samsung Electronics chairman Oh-Hyun Kwon as new board chairman

Korea Advanced Institute of Science and Technology (KAIST) said on Sept. 21 it appointed former Samsung Electronics chief executive and chairman Oh-Hyun Kwon as its new chairman of the board at its 298th extraordinary board meeting in Seoul. KAIST said Kwon studied electrical engineering at Seoul National University and KAIST, and earned a doctorate at Stanford. His term runs from the date of approval by the deputy prime minister and science and ICT minister to Aug. 19, 2029.

Finance

FSC to increase support for small merchants by over 1.5 trillion won, ease financing barriers for startups

South Korea\'s financial authorities will expand the supply of the \"Small Merchants The Dream Package\" to more than 12 trillion won from 10.5 trillion won. They will also lower financing barriers for early-stage startups and abolish joint guarantees applied to P-CBO support for small and medium-sized firms. The Financial Services Commission discussed the measures at a policy finance meeting at IBK Industrial Bank of Korea and said it will announce detailed revisions to the package later this month.

AI & Enterprise

NIPA, Korea Business Angels Association to cooperate on AICT startups\' global expansion

Korea\'s National IT Industry Promotion Agency (NIPA) said on Sept. 21 it signed an agreement on Sept. 18 with the Korea Business Angels Association to support two-way domestic and overseas expansion by AICT startups. The two organisations said they will build a support system linking overseas expansion by local startups with the resettlement in Korea of overseas Korean technology talent. Cooperation areas include startup discovery, settlement support, commercialisation and investment support, and growth paths for follow-on funding and overseas expansion.