KoreaTechToday - Korea's Leading Tech and Startup Media Platform
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
No Result
View All Result
KoreaTechToday - Korea's Leading Tech and Startup Media Platform
No Result
View All Result
Home contactless

South Korea Holds First Online Digital Economy Forum 2020 (DEF2020)

 2,148 total views,  1 views today

KoreaTechToday Editor by KoreaTechToday Editor
PUBLISHED: September 14, 2020 UPDATED: September 14, 2020
in contactless, Coronavirus, Digital Economy Forum, forum, South Korea
0
DEF2020 POST-CORONA DIGITAL ECONOMY
South Korea's Ministry of Economy and Finance hosts the first online Digital Economy Forum 2020 under the theme of "POST-CORONA DIGITAL ECONOMY – Accelerating Digital Transformation for Genuine Innovation." / photo captured from DEF2020 website

South Korea's Ministry of Economy and Finance hosts the first online Digital Economy Forum 2020 under the theme of "POST-CORONA DIGITAL ECONOMY – Accelerating Digital Transformation for Genuine Innovation." / photo captured from DEF2020 website

South Korea’s Ministry of Economy and Finance with the Korea Startup Forum held this year’s Digital Economy Forum 2020 (DEF2020) on Friday, under the theme of “POST-CORONA DIGITAL ECONOMY – Accelerating Digital Transformation for Genuine Innovation.”

The forum focused on four major topics, including Digital Transformation and Policy, Work and Job, Healthcare, and Entertainment and Media.

“Structure changes in the economy are widening. Thus, the importance of the digital economy cannot be too much emphasized.”

– Deputy Prime Minister and Minister of Economy and Finance, Hong Nam-ki, giving in his opening remarks for the DEF2020.

In his welcoming remarks, Korea Startup Forum Chairman Seunggun Lee outlined the forum’s content, introducing the sessions and their respective topics.

Keynote Speech (Part 1): The Power of Exponential Growth to Digital Transformation

The first keynote speaker Peter Diamandis discussed the exponential growth of technologies in various fields such as sensors, networks, artificial intelligence, robotics, 3D printing, VR and AR, synthetic biology, and blockchain. According to the founder of XPrize Foundation, the convergence of two or three of these technologies would reinvent every business model and ecosystem.

First keynote speaker Peter Diamandis discussed the exponential growth of technologies in various fields.
First keynote speaker Peter Diamandis discussed the exponential growth of technologies in various fields. (DEF2020)

“COVID-19 has taught the whole world the power of exponentials.”

-Peter Diamandis

The rapid development of AI in different sectors would allow companies to grow and compete in the future. Additionally, Peter said that countries, such as South Korea, should become agile to adapt to each industry’s fast-changing technologies.

DEF 2020 Session 1: Digital Transformation & Policy

The first session discussed the digital transformation and its related policies in the public and private sectors.

Taesik Yoon, Director for Policy Coordination at the Ministry of Economy and Finance, discussed South Korea’s digital economy ecosystem and trends, specifically the “Digital New Deal.” He said that the digital transformation in the public sector would come in phase by phase, starting with non-contact services, followed by blockchain, and the completion of a nationwide 5G and cloud services network.

(From Left) Sungjin Choi, Executive Director of Korea Startup Forum who served as the moderator for Session 1; Taesik Yoon, Director for Policy Coordination at the Ministry of Economy and Finance; Heejae Ahn from Bain & Company; Christos Makridis, Digital Fellow of MIT Sloan School of Management; and Avrind Gupta, co-founder of Digital India Foundation discussing digital transformation and trends during the first session. (DEF2020)

Avrind Gupta, co-founder of Digital India Foundation, said that India’s digital transformation includes a platform that would help the public sector cope with the pandemic. The service comprises of digital identification platform, a paperless system, and a unified payment interface. He added that they also focused on a digital stack that provides greater accessibility that would make contactless transactions easier.

Meanwhile, for the private sector, Heejae Ahn from Bain & Company expects that digital transformation would increase productivity and shift businesses from income-driven to capital-driven. He added that the shift would also increase profit. However, the labor pool would decrease due to automation.

“Technology has downsides sometimes, but it also creates a lot of opportunity for personal growth and growth as a civilization.”

-Christos Makridis, Digital Fellow of MIT Sloan School of Management

DEF2020 Session 2: The Future of Entertainment and New Media

The second session talks about the transformation of entertainment and media in content consumption and creation during and after the coronavirus pandemic. 

CEO and Co-founder of AmazeVR, Steve Lee, started the session by discussing “The Future of Concert,” using VR/AR technology. For example, BTS’ “Bang Bang” Concert allowed people to enjoy content through VR. Steve added that VR/AR would become the new medium to create new entertainment during the new normal.

AmazeVR CEO Steve Lee showing the future on concerts using VR/AR technology. (DEF2020)
AmazeVR CEO Steve Lee showing the future on concerts using VR/AR technology during the second session. (DEF2020)

As more people stay, work, exercise, and learn from home, content streaming would become the future of media, according to JaeKwon Son, Ceo of media startup The Miilk. He predicts that in the future, media companies, such as Netflix, Disney Plus, and HBO Max, would get into a streaming war as they capitalize on the contactless environment. Streaming would also branch out to contents such as educational and fitness videos, travel, and commerce.

Meanwhile, Jinha Lee, Co-founder of SPATIAL, added that media would come to the space of VR, making social experiences immersive.

Keynote Speech (Part 2): COVID-19: Digitally Induced Structural Change

Andrew Wyckoff, Director of Science, Technology, and Innovation at OECD shared his insights on the solutions and strategies related to the digital economy in the time of digital transformation and contactless economy. Wyckoff discussed three concepts that affect digital transformation policy in the context of structural change and COVID-19.

Andrew Wyckoff, Director of Science, Technology, and Innovation at OECD sharing his insights on digital transformation. (DEF2020)
Second keynote speaker Andrew Wyckoff, Director of Science, Technology, and Innovation at OECD sharing his insights on digital transformation. (DEF2020)

First, “Scale without Mass” allows companies to reach a global scale with no physical footprint. He said that the lack of a physical footprint runs counterintuitive to policymaking, such as taxation or labor laws. Second, “Panoramic Scope” challenges policies based on traditional sectoral/product lines, creating multi-sided businesses, leading to complications in implementing regulations.

Lastly, “Intangibles as the New Source of Value” challenges policies directed at the capital, such as tax incentives, accounting rules, and trade policy.

Wyckoff added that the COVID-19 pandemic is a catalyst for the digital transformation. The demand for “social distancing” has affected mobility, real estate, and product distribution. However, it accelerated the surge of internet usage, e-commerce, teleworking, e-learning, entertainment, and cloud computing.

DEF2020 Session 3: “Works and Jobs Under the New Normal”

Veikko Väyrynen, Vice President of Aaltoes, moderated the third session of DEF2020, which discussed technological changes in work life in the post-coronavirus era.

Joseph Kim, Head of Robotics Business at Woowa Brothers, predicts that remote work would become the new normal in the digital economy. He added that some jobs such as food delivery could be replaced by robots. Petri Myllymaki, Vice Director at the Finnish Center of Artificial Intelligence, believes that COVID accelerated the digital transformation that was already ongoing even before the pandemic.

(From Left) Joseph Kim, Head of Robotics Business at Woowa Brothers; Donghwan Kim, CEO of 42MARU; Petri Myllymaki, Vice Director at the Finnish Center of Artificial Intelligence; Claned CEO Vesa Perala; and (far left) Veikko Väyrynen, Vice President of Aaltoes discussing technological changes in work life in the post-coronavirus era during the third session.
(From Left) Joseph Kim, Head of Robotics Business at Woowa Brothers; Donghwan Kim, CEO of 42MARU; Petri Myllymaki, Vice Director at the Finnish Center of Artificial Intelligence; Claned CEO Vesa Perala; and (far left) Veikko Väyrynen, Vice President of Aaltoes discussing technological changes in work life in the post-coronavirus era during the third session. (DEF2020)

Claned CEO Vesa Perala believes that as the work environment quickly changes, especially with automation, people should have the capability to adapt to the new normal. However, Petri also believes that jobs, such as taxi drivers, would change but not be entirely replaced by AI.

Donghwan Kim, CEO of 42MARU, said that work-life would still differ for every sector even with digital transformation and the post-corona era.

DEF2020 Session 4: Healthcare in the Post-Coronavirus Era

Moderated by Sameer Pujari, Co-founder of Be [email protected] Be Mobile Initiative at WHO, the fourth DEF2020 session discussed the healthcare industry’s changes and outlook after the coronavirus pandemic.

(From Left) Brandon B Suh, CEO of Lunit Inc.; Yong Gi Jung of Samsung Medical Center; Naomi Lee, Senior Executive Editor of The Lancet; and moderator Sameer Pujari, Co-founder of Be He@lthy Be Mobile Initiative at WHO discussing healthcare industry's changes and outlook in the post-corona era.
(From Left) Brandon B Suh, CEO of Lunit Inc.; Yong Gi Jung of Samsung Medical Center; Naomi Lee, Senior Executive Editor of The Lancet; and moderator Sameer Pujari, Co-founder of Be [email protected] Be Mobile Initiative at WHO discussing healthcare industry’s changes and outlook in the post-corona era. (DEF2020)

Brandon B Suh, CEO of Lunit Inc., said that AI could be beneficial in terms of assisting healthcare professionals such as in diagnosing activities. AI would also reinforce and support non-professionals and perform repetitive tasks, which would save time.

Naomi Lee, Senior Executive Editor of The Lancet, said that the big tech and pharma companies should work in synergy with healthcare institutions to hasten the commercialization of medical AI and digital technology. This would also level the playing field and avoid the privatization of such technologies in the future.

Yong Gi Jung of Samsung Medical Center said that tech companies and public and private healthcare institutions should raise their awareness of the importance of healthcare information security. He added that privacy and security of information should be given top priority.

What’s your thoughts?
+1
3
Upvote
+1
0
Clap
+1
0
Clap
+1
0
On fire
+1
0
Meh
+1
0
Clap
+1
0
Tags: contactlessCOVID-19DEF2020Digital Economy Forumdigital transformationdogota; economyKorea Startup ForumMinistry of Economy and Financepost-coronavirus era

Related Posts

Samsung headquarters
South Korea's Ministry of Economy and Finance hosts the first online Digital Economy Forum 2020 under the theme of "POST-CORONA DIGITAL ECONOMY – Accelerating Digital Transformation for Genuine Innovation." / photo captured from DEF2020 website
South Korea

Korea’s top 100 companies’ economic contribution soar by 20%  in 9 years

July 20, 2022
South Korea curbs tech leaks to foreign countries
South Korea's Ministry of Economy and Finance hosts the first online Digital Economy Forum 2020 under the theme of "POST-CORONA DIGITAL ECONOMY – Accelerating Digital Transformation for Genuine Innovation." / photo captured from DEF2020 website
South Korea

South Korea curbs tech leaks to foreign countries

February 8, 2022
Hyundai Rotem set to provide upgraded army tank variants to South Korea
South Korea's Ministry of Economy and Finance hosts the first online Digital Economy Forum 2020 under the theme of "POST-CORONA DIGITAL ECONOMY – Accelerating Digital Transformation for Genuine Innovation." / photo captured from DEF2020 website
South Korea

Hyundai Rotem set to provide upgraded army tank variants to South Korea

February 2, 2022
S.Korea will track COVID-19 cases with AI-powered facial recognition from January
South Korea's Ministry of Economy and Finance hosts the first online Digital Economy Forum 2020 under the theme of "POST-CORONA DIGITAL ECONOMY – Accelerating Digital Transformation for Genuine Innovation." / photo captured from DEF2020 website
South Korea

S.Korea will track COVID-19 cases with AI-powered facial recognition from January

December 14, 2021
South Korea sets site engineering standards for big tech firms
South Korea's Ministry of Economy and Finance hosts the first online Digital Economy Forum 2020 under the theme of "POST-CORONA DIGITAL ECONOMY – Accelerating Digital Transformation for Genuine Innovation." / photo captured from DEF2020 website
Google

South Korea sets site engineering standards for big tech firms

December 9, 2021
National AI complex project starts in South Korea: New AI hub in making
South Korea's Ministry of Economy and Finance hosts the first online Digital Economy Forum 2020 under the theme of "POST-CORONA DIGITAL ECONOMY – Accelerating Digital Transformation for Genuine Innovation." / photo captured from DEF2020 website
South Korea

National AI complex project starts in South Korea: New AI hub in making

November 25, 2021
No Result
View All Result

Follow Us

FREE NEWSLETTER




PRODUCTS

Most Popular

  • 5 Best Korean to English Translation Apps

    0 shares
    Share 0 Tweet 0
  • Top South Korean Tech Products to Look Out for in 2021

    0 shares
    Share 0 Tweet 0
  • Top Eight Promising EdTech Startup Companies in South Korea

    0 shares
    Share 0 Tweet 0
  • 5 All-Time Best Rom-Com K-Dramas to Watch

    0 shares
    Share 0 Tweet 0
  • Top Nine Mobile MMORPG in South Korea for 2020

    0 shares
    Share 0 Tweet 0
  • Korean tech giants to focus on future innovations & sustainability actions at CES 2023 

    0 shares
    Share 0 Tweet 0
  • Netmarble subsidiary Metaverse Entertainment’s K-Pop virtual girl band MAVE has a smashing online debut

    0 shares
    Share 0 Tweet 0
  • World’s First 5G Robot Café has a Seoul Opening

    0 shares
    Share 0 Tweet 0
  • South Korea Improves Digital New Deal with the Data Dam Project

    0 shares
    Share 0 Tweet 0
  • Top 10 Must-Have Korean Apps You Need When Visiting in Korea

    0 shares
    Share 0 Tweet 0
  • About Us
  • Account Page
  • application form
  • Cookie policy
  • Default Redirect Page
  • homepage
  • Login
  • login form
  • LogOut
  • Newsletter
  • Privacy Policy
  • Register
  • Reset Password
  • Sample Page
  • Subscription Plan
  • Terms of Use
  • test
  • test
  • testpage
  • TOS Page
  • Visitor Inside User Page

Copyright © 2022 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy| Contact : [email protected] |

No Result
View All Result
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government

Copyright © 2022 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy| Contact : [email protected] |