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AI & Enterprise

AI product verification certificate draws attention as Korea moves to lower entry barriers to public AI market

South Korea will introduce an AI product verification certificate scheme under the AI Basic Act, aimed at lowering barriers for AI firms entering the public market. The certificate is not a formal certification but an alternative way to prove technical requirements in procurement, a lawyer said. KOSA will accept and issue applications, while TTA will conduct technical reviews. Products with certificates will receive eased requirements, including waived delivery records and credit ratings, and bid evaluation advantages.

Crypto

SBI buys controlling stake in Singapore crypto platform Coinhako with MAS approval

SBI Holdings has acquired a controlling stake in Holdbuild, the parent of Singapore cryptocurrency platform Coinhako, after receiving approval from the Monetary Authority of Singapore (MAS). Cointelegraph reported SBI bought shares from existing shareholders through a capital injection, bringing Coinhako into its group as a consolidated subsidiary. Coinhako holds an MAS major payment institution licence through its unit Hakko Technology Pte. Ltd. The deal value was not disclosed.

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.