South Korea's finance ministry said Thursday it has designated 10 industrial sectors for deregulation, including artificial intelligence and biotechnology, to help them develop technologies and services with fewer regulatory hurdles.

Other industrial sectors include mobility service, new medical technologies, biotechnology, fintech, tourism and e-commerce, the Ministry of Economy and Finance said in a statement.

Companies in the industrial sectors are expected to develop products without regulatory hurdles. Under a so-called regulatory sandbox, they are expected to be exempted from strict regulations.

Vice Finance Minister Kim Yong-beom will launch a task force next week to discuss measures for deregulation for the sectors, the ministry said. (Yonhap)