South Korea\'s Ministry of Science and ICT said on May 21 it will seek public comment from that day on a draft revision to the enforcement decree for the Artificial Intelligence Framework Act, ahead of the law\'s July implementation. The draft defines the scope of AI-vulnerable groups and sets rules for prioritising AI products and services in public procurement, including liability exemptions. It also expands eligibility for cost support, specifies procedures for using a venture fund for AI startups, and sets requirements for AI research institutes.

South Korea’s Financial Services Commission and Ministry of SMEs and Startups, together with the country’s five largest financial holding groups, began a shift toward “productive finance” to support ventures and startups. The parties signed an agreement in Seoul to expand private-sector risk capital and strengthen support systems from investment and guarantees to nurturing. The five groups plan to create a private venture fund-of-funds worth 800 billion won by 2029 and provide guarantees and mentoring for early-stage startups.