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AI & Enterprise

Korea to lower public procurement barriers for AI products, support fees for vulnerable groups

South Korea will prioritise AI products and services in public procurement and allow support for AI service fees for vulnerable groups. The science ministry said revisions to an enforcement decree under the AI Basic Act passed a Cabinet meeting on July 14 and will take effect on July 21. Verified AI products will receive procurement benefits from August, including eased contract requirements and scoring incentives. The scope of AI-vulnerable groups eligible for support will expand.

Finance

Shinhan Financial forms 100 billion won venture fund of funds to invest in future growth industries

Shinhan Financial Group has formed a 100 billion won private venture fund of funds and will expand investment in advanced industries and regional innovative companies. The group said it completed the formation of Shinhan Venture Nexus Fund of Funds No. 1. Shinhan Bank, Shinhan Card, Shinhan Investment Corp and Shinhan Capital jointly contributed to the fund, which will be managed by Shinhan Venture Investment. Shinhan plans to attract additional private capital to build feeder funds totalling 1 trillion won.

AI & Enterprise

Government steps up drive for physical AI full stack localisation

The government plans to localise physical AI full stack technology and expand its applications to manufacturing, agriculture, defence and caregiving. The Ministry of Science and ICT unveiled a strategy to build a cross-government data collection and use system and develop key technologies such as physical AI foundation models and world models. It also plans to develop specialised devices, networks, security and AI chip-based computing platforms, and to support investment, talent and standards and certification systems.