At a prestigious international conference in Riyadh, Saudi Arabia, an innovative AI direct transactionsharing platform was recently unveiled with the aim of transforming global commerce through artificial intelligence (AI). The mastermind behind this groundbreaking initiative is Kyung Yang Park, CEO of Harex InfoTech.
The event, which took placefrom September 10 to 12, at the King Abdulaziz International Conference Center, was held under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Board of Directors of the Saudi Data and Artificial Intelligence Authority (SDAIA).
Park presented the "AI Direct Transaction" model during a session titled "The Path to Profit: Shareholder Value vs. Societal Impact." This session explored the crucial balance between monetization and societal impact as AI becomes increasingly embedded in everyday life. The discussion focused on how AI applications' impact on well-being influences decisions to treat AI as a revenue generator, a public good, or a combination of both.
The high-profile event attracted over 300 AI experts from more than 100 countries, including industry leaders such as Qualcomm CEO Cristiano Amon, Accenture CEO Julie Sweet, and Boston Dynamics founder Marc Raibert. The summit served as a forum to discuss AI's current applications, future potential, and ethical considerations.
Park's presentation addressed the pressing issue of AI ownership and control as these technologies reshape our economies and dailylives. He emphasized the risks of AI monopolization by a handful of dominant corporations, which could worsen economic disparities. As a solution, Park introduced Harex InfoTech's "AI Agent Economy" model, currently being developed in Korea, which garnered substantial interest from attendees.
The "AI Agent Economy" model includes the "AI Direct Transaction" commerce model, which connects sellers and consumers directly through AI.
Park explained that the "AI Direct Transaction" commerce model is a win-win system in which the transaction costs—typically charged by monopolistic platform companies—are more equitably distributed among sellers, consumers, and the AI model operator. This benefits all parties according to free market competition principles. Sellers can increase profitability by reducing platform fees, while consumers gain more purchasing power by acquiring desired products at lower costs. This dynamic increases overall consumption and production, boosting high economic growth, reducing inflationary pressures by lowering intermediary costs, and improving market efficiency.
In addition to his presentation, Park discussed ongoing negotiations with various investors to establish a 'Global AI Growth Fund.' He emphasized, "I firmly believe that this model can generate returns of more than 10x, and potentially even 100x, for investors. With an investment of US $10 billion, we can scale this model to 100 countries, establishing a seamless global connectivity framework.” This initiative aims to accelerate the global implementation of the AI direct transaction economy model. Park also highlighted a recent strategic agreement with the Korea E-commerce Business Cooperative, led by Chairman Yoo Young-sik, to boost the AI direct transaction business. Earlier this year, Harex InfoTech's innovative achievements were recognized with the Innovative Applications of Artificial Intelligence (IAAI) Award from the Association for Advancement of AI (AAAI-24).
"Through strategic partnerships and technological innovation, Harex InfoTech envisions a future where AI plays a central role in creating fairer economic systems and advancingglobal prosperity," Park emphasized.
