The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Mar. 19.
BOK to pilot CBDC for real-world payments in April
The Bank of Korea will launch a pilot program for its central bank digital currency (CBDC) from April to June, involving 100,000 participants. Known as Project Hangang, the trial will allow users to convert their bank deposits into digital tokens for real-world payments, resembling existing mobile payment systems. The pilot aims to assess the feasibility of CBDC, as digital transactions rise globally. With a spending limit of 5 million won, the project will involve seven major banks and various retailers. The BOK also plans future CBDC applications, including voucher-based payments for government subsidies.
LG unveils S. Korea’s 1st reasoning AI ‘Exaone Deep’
LG has unveiled South Korea’s first reasoning AI model, Exaone Deep, with its main model, Exaone Deep-32B. The model, which uses 32 billion parameters, excels in mathematics and science, outperforming China’s DeepSeek and Alibaba’s QwQ-32B in key tests, including the U.S. Mathematical Olympiad and South Korea’s CSAT math section. However, it lags in coding and language skills. Despite strong performance, LG will only use the model internally for product development, rather than releasing it to the public. The company also introduced smaller, more efficient versions of the model, with the source code available to developers.
S. Korea’s biotech sector secures $2.3B in licensing deals in Q1
South Korea’s biotech sector is off to a strong start in 2025, securing nearly $2.3 billion in licensing deals in the first quarter. Major agreements include Alteogen’s $1.35 billion deal with MedImmune and OliX Pharmaceuticals' $630 million deal with Eli Lilly. These deals, which focus on converting IV drugs to more convenient subcutaneous formulations and other promising technologies, are expected to drive steady revenue and reduce development risks. Despite a slight dip in exports last year, analysts foresee continued growth, with Phase 3 trial results for South Korean drugs set to be released this month.
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