Finance Minister Hong Nam-ki said on Thursday that South Korea will set up a fund of 400 billion won by 2024 to support promising digital startups. 

The minister unveiled the plan in a meeting with economy-related ministers, saying the fund is expected to help promising startups commercialize their technologies. 
   
Hong said the government will set up the fund and seek data standardization as well as establish guidelines for data deals, while actively supporting efforts to foster talent in the artificial intelligence(AI) industry. 

He continued that the government will also establish a "data dam" in the industrial sector to spur innovation in supply channels and the creation of new products and services. 

In addition, the prime minister vowed to seek digitization in the general supply chain, combining AI technology with data accumulated in diverse areas of planning, research and development, production, distribution and exports.