South Korea to Accelerate Digitalization of Service Industry


By Kang Yoon-seung

SEJONG, July 21 (Yonhap) — The Ministry of Economy and Finance of South Korea announced on Friday that the nation will expedite its efforts to incorporate digital technologies into the service industry, with the purpose of enhancing its competitiveness and providing convenience to people’s daily lives.

This move is part of the country’s endeavor to apply the most current technologies, including artificial intelligence, to various sectors, including logistics, finance, and public administration.

“The limited use of big data for AI and outdated regulations that are not up to date with the digital age have been impeding the growth of digital services,” the ministry stated in a press release.

“We plan to promote the convergence of digital services and all other industries to boost convenience for people in their everyday lives,” it added.

For example, the country will introduce an intelligent transport system to major places, such as tourist destinations, to offer real-time bus location data through apps.

South Korea will also modify its logistics law to allow for the use of drones and robots in delivery services, and to provide safety guidelines.

In the financial sector, the nation will enable visitors from Southeast Asia to utilize their domestic mobile payment systems through a partnership with Zero Pay, a South Korean public payment service.

South Korea plans to provide these services with Thailand’s True Money, Malaysia’s TNG, and Taiwan’s East Wallet by the end of this year.

In addition, the ministry announced that the country will offer instant tax refunds without requiring a passport.

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