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Finance

Policy finance unit subsidiaries to be consolidated; relocation of financial public institutions remains variable

South Korea plans to consolidate facility and customer management subsidiaries scattered across policy finance institutions into function-based entities, under a broader push to reform public-sector functions. Five facility management firms will be merged into a tentatively named Policy Finance FMC, while two customer management firms will be integrated as Policy Finance CS. The government also plans mergers of certain subsidiaries into parent institutions. Separately, it will review criteria for keeping public bodies in the capital region as it prepares a second relocation plan to be finalised in the fourth quarter.

Industry

Semiconductor tax windfall to fund \'future response\' scheme, but materials and equipment support missing

South Korea plans to use at least 100 trillion won in tax revenue expected from a semiconductor boom for future investment through a new fund, but critics say the plan leaves out support for materials, parts and equipment suppliers. A bill on the fund has completed a legislative notice period and would take effect upon promulgation. Officials expect much of the funding to come from higher corporate tax receipts as semiconductor profits are reflected.

AI & Enterprise

Samsung SDS AI collaboration tool Brity Works adopted by nine central government ministries

Samsung SDS said on Aug. 13 that nine central government ministries, including the Ministry of Patriots and Veterans Affairs, the Ministry of Trade, Industry and Energy, the Ministry of Employment and Labor, the Financial Services Commission and the Overseas Koreans Agency, will adopt its AI collaboration solution Brity Works. The ministries are set to start the service sequentially by August. Samsung SDS provides Brity Works as the official collaboration tool for the government’s OnAI platform.