The Ministry of Science and ICT of South Korea plans to raise a "Metaverse Fund" with a scale of 40 billion won for investment management companies.

According to ChainCatcher news, the South Korean Ministry of Science and ICT announced on March 24 that it plans to raise approximately 40 billion won this year for a Metaverse fund to be used for investment management companies. This year’s fund will include 23 billion won from the government (with fund recovery reinvested) and 17 billion won from private contributions, with a minimum scale of 40 billion won. Selected management companies will focus on investing in SMEs related to key foundational technologies such as XR, AI, digital twins, and Blockchain that realize Metaverse products and services, with an investment ratio exceeding 60%. In addition, in order to promote the AI integration of promising Metaverse enterprises, the selected management company must also invest more than 50% in AI integration or overseas companies to continuously support active overseas expansion and exports.