[PANGYO ISSUE] Pangyo Technovalley Weekly News, News from the First week of December

-NAVER AI “Hyper CLOVA” developing into a platform where anyone can access

Naver has begun to develop Hyper Clova, a hyperscale AI platform, unveiled in May further to help the AI technology understand text, voice and image. Also, its strategy is to expand the ecosystem of Hyper Clova by developing it into a platform where anyone except experts has access to.

Naver announced the achievements of technology research and development and commercialization of services for the last six months and its future direction on the 25th, the second day of a four-day event for developers, “Debut 2021”.

First, efforts to expand modality and language of Hyper Clova have been introduced.

Researchers Kim Hyung-Seok and Lee Sang-Woo said that they are focusing on the evaluation and expansion of model capacity as a task beyond the development of models through a session called “Hyper Clova – Korean GPT3: hyperscale and the next”.

In particular, they said that they are planning to expand Hyper Clova as a multimodal which can understand not only text but also image and voice simultaneously.

Also, they released the status of model that is now in training. Researchers Shin Seong-Jin and Kim Bo-Seob shared the results of experiment on a model that understands both Korean and English simultaneously through expanding the language model of Hyper Clova in the “multi language Hyper Clova” session. They are the lead authors of paper on Hyper Clova.

Naver shared its experience and know-how of the commercialization of Hyper Clova in various services.

In the “creating a fast and safe chatbot” session, researchers Kwak Dong-Hyung, Bae Sang-Hwan and Ham Dong-Hoon explained how Hyper Clova technology has been applied to “care call” services for older people living alone. A typical chatbot needs to learn large scale conversation data in order to experience a natural conversation. However, the researchers increased efficiency and safety by generating virtual conversation data easily and quickly using Hyper Clova without collecting user data which was then inspected by humans. Naver is expected to unveil Hyper Clova-based “care call” services which can keep older people company by freely having a conversation.

Naver is combining Hyper Clova technology with various services such as search and shopping speeding up the commercialization of Hyper Clova technology.

-Kakao to nominate Yeo Min Soo and Ryu Young Joon as new joint CEOs

Kakao announced on the 25th that Yeo Min Soo joint CEO of Kakao and Ryu Young Joon CEO of Kakao Pay are nominated as new joint CEOs at a board meeting which was held in the afternoon. The two nominees will be officially appointed through a general meeting of stockholders and a board meeting scheduled to be held in March.

Yeo Min Soo was appointed as CEO in March 2018 and his appointment was scheduled to come to an end in March next year but the board of directors decided that he should serve two consecutive terms. Yeo contributed to hitting a record high sales of the group by introducing Bizboard, an advertising business model for Kakao talk and Kakao page. He also led launching of new services such as “wallet” a function where mobile verification is possible.

As Cho Soo-yong current joint CEO of Kakao had said that he no longer wants to serve the following term after his term comes to an end in March next year, Kakao has chosen Ryu Young Joon CEO of Kakao Pay as the group leader.

Ryu was born in 1977, graduated from Konkuk University with a degree in computer science and received a master’s degree in information technology from the same school. He joined Kakao in 2011 as a developer and led the development of Voice talk. Laster he served as head of payment division and vice president of fintech division and was appointed as CEO of Kakao pay which was launched as an independent corporation in January 2017.

He brought Kakao pay business, South Korea’s first easy payment service a success. Recently, he has led IPO of the company through business expansion of payment, wire transfer, membership, bill, verification, loan, investment and insurance. He is also serving as president of the Korea Fintech Industry Association.

Yeo said, “I would understand that my nomination means Kakao should keep its promises that it make with society this year and I would do my part as faithfully as I can in Kakao’s journey to better society as an innovative company.”

Ryu said, “at a time when Kakao is preparing for the “next 10 years” with a task of social corporate responsibility, I feel deep responsibility but at the same time I am looking forward to new challenges. I would do the best I can to grow company based on the core DNA called “challenge” of Kakao.”

-Created “Cyworld Hancom Town” Inc… “taking the lead in the metaverse by 2040”

Cyworld Z, “Cyworld” operator announced on the 23rd that it started creating an incorporation after completing a joint investment for creating “Cyworld Hancom Town,” a joint corporation between Hancom and Cyworld metaverse platform.

Therefore, the new corporation would run “Cyworld Hancom Town,” a Cyworld metaverse platform that will be released together with Cyworld on the 17th next month. Hancom accounts for 51% and Cyworld Z accounts for 49% of shares of joint corporation.

Cyworld Hancom Town will be comprised of 6 board members like Cyworld Z and Hancom.
Kim Tae-Hun will be appointed as COO at Cyworld Z and CEO of Hancom has not been decided.

Lee Chang-Hwan, a management consultant(PhD of electrical and electronic engineering at Seoul National University) of FXGear one of Cyworld’s developers has been appointed as joint CTO and nominated as executive director. He is expected to build a bridge between Cyworld as social media and Cyworld Hancom Town, a metaverse platform. The rest of the board members remain undecided.

A joint corporation between Cyworld Z and Hancom for creating a metaverse platform is garnering attention as it is an ideal “mashup strategy” which is referred to as a way to create new web services by combining content and services that completes a Cyworld metaverse platform where Cyworld as social media and metaverse Hancom work together for 32 million members.

Cyworld Z has developed a strategy to be at the forefront in the market by releasing Cyworld Hancom Town, a life-friendly metaverse for members from their twenties to their forties at the time of launch of Cyworld.

-Hanwha Aerospace to publish the first sustainable management Report beginning ESG management “in earnest”

Hanwha Aerospace announced on the 22nd that it has begun ESG(environment, society and governance) management in earnest by publishing a sustainable management report for the first time on the 19th.

In the “2021 sustainable management report” containing last year’s ESG activities and achievements, Hanwha Aerospace introduced accomplishments that involve environmental safety and health management, social contribution, mutual growth, ethics and compliance management and information security.

The report followed global ESG report guidelines which are called GRI(Global Reporting Initiatives). And it was verified by Korea Management Registrar, Inc. a specialized verification agency for the third round.

An official from Hanwha Aerospace said, “we are planning to communicate values and accomplishments regarding the economy, society and environment with various stakeholders in a transparent manner through the sustainable management report.

Hanwha Aerospace acquired an integrated grade “A” in the “2021 ESG evaluation and grade announcement of listed companies” published last month by Korea Corporate Governance Service both last year and this year. In March, two female executives have been appointed for diversity of the board and in June, ESG committee consists solely of independent directors was launched.

Source: Pangyo Techno Valley Official Newsroom