Advisor Appointment at Korea SW Industry Association: Lee Hyung-woo of Midas IT and Seok Chang-gyu of Webcash

From the left in the photo: Seok Chang-gyu, Chairman of Webcash Group; Jo Jun-hee, Chairman of Korea Software Industry Association; Lee Hyung-woo, Chairman of Midas IT.

[Asia Economy Reporter Seulgina Cho] The Korea Software (SW) Industry Association announced on the 18th that it has appointed Lee Hyung-woo, Chairman of MIDAS IT, and Seok Chang-gyu, Chairman of Webcash Group, as advisors. This is the first time since the association's founding in 1988 that advisors have been appointed.

The association held an advisory appointment ceremony yesterday at MIDAS IT in Seongnam-si, Gyeonggi-do, and presented appointment letters to the new advisors Lee and Seok. According to Article 14 of the association's bylaws, advisors are appointed by the president's recommendation and the board of directors' resolution from among those who have made significant contributions to the association or possess abundant academic knowledge and experience. An association official stated, "We appointed the new advisors Lee and Seok as experts with abundant academic knowledge and experience in the SW industry." The term of office is two years.

Advisor Lee currently serves as chairman of MIDAS IT, the world's number one company in construction engineering software. He has held positions such as chairman of the K-Software Forum in 2014, member of the Public-Private Joint SW TF Committee in 2015, and member of the National Science and Technology Advisory Council in 2017. At the 51st Science Day event in 2018, he received the Bronze Tower Order of Industrial Service Merit for developing computer simulation software that was exported to 110 countries overseas and achieving the world's number one position in the structural analysis SW market.

Advisor Seok is the chairman of Webcash, which introduced Korea's first B2B fintech. At last year's 21st Software Industry Day event, he received the Silver Tower Order of Industrial Service Merit for his contributions to the development of the SW industry. Additionally, Advisor Seok founded People & Community, the predecessor of Webcash, in 1999, and in 2019, he listed Webcash on KOSDAQ, growing it into the current Webcash Group with 12 subsidiaries.

The association plans to seek advice from the new advisors Lee and Seok on SW business and policy directions based on their experience and know-how.

Chairman Jo Jun-hee of the association stated, "As the SW industry continues to grow through convergence with other industries, expectations for the association's role have also increased compared to the past," adding, "Having taken on the role of association chairman at such a critical time, I look forward to the roles of the two new advisors in leading the association to serve the nation’s industry and move in the right direction."