Seoul Digital Foundation and Industry Convergence Promotion Ombudsman Join Hands for Seoul Startup Regulatory Innovation

Promoting Corporate System Improvement Cooperation Through Business Agreement

[Asia Economy Reporter Lim Cheol-young] The Industry Convergence Promotion Ombudsman announced on the 23rd that it signed a memorandum of understanding (MOU) with the Seoul Digital Foundation and companies located in Seoul yesterday to promote the activation of future convergence new industries based on smart cities and to accelerate digital transformation.

They will work together to identify business commercialization difficulties faced by innovative companies in Seoul, improve related systems, and promote technology development (R&D) and intellectual property rights related to digital transformation.

Following the signing ceremony, a meeting of innovative companies for the development of Seoul's digital new industries was held. The meeting was attended by Cheon Se-chang, the Ombudsman, Kang Yo-sik, the Chairman, and Kim Young-shin, CEO of Grektor, among other representatives of digital innovative companies. Representatives of digital innovative companies voiced concerns about business commercialization difficulties in the smart city sector, such as improvements to the Personal Information Protection Act and deregulation of map publication regulations, and had an in-depth discussion on the direction and improvement measures for regulatory innovation.

Cheon Se-chang, Industry Convergence Promotion Ombudsman, said, "Seoul is the cradle of innovation based on Fourth Industrial Revolution technologies such as the data industry and fintech financial industry," adding, "To prevent the gridlock phenomenon where innovation and growth are blocked by outdated and cumbersome regulations, we will actively discover and improve digital regulatory reform policies that align with the 'Digital Regulation Zero' declaration."

Kang Yo-sik, Chairman of the Seoul Digital Foundation, said, "This MOU seems to have created an opportunity for the two organizations to cooperate in fostering digital innovative companies," and added, "We will actively strive to lower the barriers to new business development for innovative companies through continuous collaboration with the Industry Convergence Promotion Ombudsman."

This content was produced with the assistance of AI translation services.