Officials worry that tech giants such as Naver and Kakao have picked up the bad habits of the old conglomerates that dominate South Korea’s economy
The apparent move against Kakao’s founder is the latest salvo in an ongoing battle. Like their counterparts in America and China, South Korea’s technology giants have come under scrutiny. Officials worry that as firms such as Naver, which began life as a search engine, and Kakao have expanded into anything from ride-hailing to personal finance, they have picked up the bad habits of the.
The same day regulators ruled that some financial services offered by Kakao and Naver violated consumer-protection laws because the platforms were not registered as intermediaries. The two companies will now be required to abide by brokerage regulations. Spooked investors dumped Kakao and Naver shares, shaving a tenth, or $11bn, off their combined stockmarket value.
The techlash is not limited to domestic tech darlings. On September 14th regulators fined Google $177m for not allowing versions of its Android operating system to be installed on locally made smartphones. And last month South Korea became the first country to oblige Apple and Google to accept alternative payments systems in their app stores.against Apple in America on September 10th, welcomed the move.
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