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Industry

Korea Post partners with Korea Venture Investment to form venture fund to nurture unicorns

Korea Post’s Postal Service has teamed up with Korea Venture Investment to create a venture fund aimed at nurturing domestic unicorn companies. The two organisations signed a memorandum of understanding on July 30 to accelerate the fund’s formation and expand financial synergies. Under the agreement, Korea Post will offer preferential terms in its review process for fund managers selected by Korea Venture Investment. Korea Venture Investment will apply private investor incentives chosen by managers to Korea Post.

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.