FiscalNote Announces Partnership With Korea’s Ministry of Foreign Affairs to Provide AI-Powered Policy and Data Intelligence

Collaboration Is First-Ever Between Ministry of Foreign Affairs and a Commercial Provider of Policy, Regulatory, and Legal Intelligence

CEO Tim Hwang and Foreign Affairs Minister Jin Park Sign Memorandum of Understanding at Official Ceremony in Seoul

FiscalNote Holdings, a leading AI-driven enterprise SaaS technology provider of global policy and market intelligence, announced its continued global public sector growth and expansion by entering into a landmark agreement with the Republic of Korea’s Ministry of Foreign Affairs.

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“We are honored and excited to grow our public sector partnership with the Government of Korea to now include the Ministry of Foreign Affairs, and to work closely with the institution and its members to help them navigate the complexities of global policymaking”

The partnership — the first of its kind between Korea’s Ministry of Foreign Affairs and a commercial provider of regulatory, legal, and policy data and information — outlines a framework for collaboration between FiscalNote and the Ministry on the use of FiscalNote’s proprietary data sets and enhanced AI capabilities to assist the Ministry in responding to rapidly changing international dynamics and associated domestic policymaking needs.

In December 2022, FiscalNote entered into a similar agreement with Korea’s National Assembly — also the first of its kind between the institution and a commercial provider of legal, policy, and regulatory information.

Tim Hwang, FiscalNote’s Chairman, CEO, and Co-founder — a second-generation Korean American and the youngest Asian American CEO/Co-founder on New York Stock Exchange — attended the official signing of the Memorandum of Understanding in Seoul with the Korean Minister of Foreign Affairs, Jin Park.

“We are honored and excited to grow our public sector partnership with the Government of Korea to now include the Ministry of Foreign Affairs, and to work closely with the institution and its members to help them navigate the complexities of global policymaking,” said Hwang. “Since we entered into a similar agreement with Korea’s National Assembly, the challenges of managing policy and regulatory risk, compliance, and tracking have only accelerated. We look forward to serving as an essential partner to the Ministry and help accomplish their diplomatic objectives by leveraging FiscalNote’s world-class AI-driven portfolio of products and solutions. This landmark collaboration further strengthens our mission to serve and deliver results for the most important decision makers in governments around the world. Today’s agreement is especially meaningful to me personally as a Korean-American, and as someone who feels a strong kinship with Korean business, culture, and Korea’s critical role in global diplomacy, security, and the marketplace.”

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Jin Park, Korea’s Minister of Foreign Affairs, said: “It is important to combine science and technology with diplomacy, and necessary to explore how diplomacy can be improved through this trend in an era where AI and diverse industries are connected. In this regard, the signing of an agreement with FiscalNote, which integrates artificial intelligence into legal analysis, is significant. Through this opportunity, FiscalNote’s expertise in legislative analysis and the Ministry of Foreign Affairs’ work experience and know-how will create synergy. I look forward to FiscalNote and the Ministry working together to identify legislative trends, bills, and regulations in major countries.”

Today’s announcement marks yet another milestone for FiscalNote’s expanding global public sector business, which includes diplomatic entities and embassies, agencies for international cooperation and defense, parliaments and councils, government-owned or funded finance and banking institutions, and various prominent ministries and cabinet offices in capitals around the world. These customers benefit from a range of FiscalNote AI-focused technology investments and relationships, as well as its decade-long investment in legal domain-specific models, enhanced accuracy and relevancy, aggregated legislative and regulatory data, and its market leadership in the application of AI in the legal and regulatory space.

FiscalNote is a natural partner for public and private sector entities in Korea, given the company’s growing presence in the market. In addition to being its largest location outside the U.S., Seoul serves as the headquarters for FiscalNote’s industry-leading Aicel and Datahunt AI-powered products, which empower customers with actionable insights based on rapidly changing information by applying AI to a broad set of unstructured data — resulting in a unique, differentiated, and dynamic set of solutions.

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