Prime Minister Hwang Kyo-ahn called Friday for a dramatic reform in regulations to foster the growth of venture firms in the information communication technology (ICT) sector.

"More dramatic reform of the regulation is needed to revitalize ICT ventures such as fintech and Big Data," Hwang said, referring to a combination of finance and technology.

He made the remarks in a luncheon meeting with 12 heads of local venture firms.

Hwang also said that the government will make more efforts to boost support measures to foster the growth of ICT venture firms, especially venture startups seeking to tap into the global market.