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Gov't lays out regulatory reforms to boost AI, VR and fintech sectors Updated: 2017-02-17 04:01:46 KST

The Korean government is easing regulations to foster artificial intelligence as a new growth engine for the country and boost the related industries of virtual reality and fintech.
Acting president Hwang Kyo-ahn endorsed the plans at a related ministers' meeting on Thursday.

"No matter how successful the research and development of cutting edge technologies, it will be useless if the goods and services that use the technologies are blocked by regulations. So it is essential to reform the related regulations to promote the commercialization of new technologies and creative ideas and secure new growth engines for the future."
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To that end, the Ministry of Science, ICT, and Future Planning aims to formulate new legal frameworks to actively and safely use artificial intelligence.
The legal frameworks will seek to minimize errors caused by artificial intelligence and define a chain of responsibility for accidents.
Intellectual property rights for big data will also be acknowledged.
The ministry will also invest in the VR sector to encourage research and development and facilitate overseas expansion.
VR bang in Korean, or gaming centers where people can enjoy VR games, will be expanded with the addition of safe facilities.
Lastly, the ministry will invest in systems to make financial services more convenient through the use of fintech, or financial technology.
New systems will be made to facilitate transparent trading of virtual currencies and robo-advisers will be implemented for use starting this year.

Through these measures, the government expects to generate business opportunities worth roughly 4-hundred-70 billion U.S. dollars for over 50 VR companies and 300 fintech companies by 2020.

"New technologies change industries and cause diverse social changes. Today we talk about these three, but our ministry will also work to come up with innovation-friendly regulations for the Internet of Things, cloud systems, big data and self-driving cars to allow Korea to become an intelligence information society."

"By implementing the new measures, Korea is taking another step toward ensuring the country is prepared for the fourth industrial revolution so it can foster new industries and businesses that will hopefully improve people's quality of life.
Oh Jung-hee, Arirang News."
KOGL : Korea Open Government License
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