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Yoon says monopoly by banks, taxi app operator should not be ignored.

November 1, 2023

President Yoon Suk Yeol said Wednesday that the issue of monopolies should not be ignored, citing examples of such practices in the banking and taxi app sectors.

Yoon made the remarks during a meeting with small-sized business owners in Seoul, pledging the government’s commitment to addressing practices that potentially favor larger businesses.

Yoon also expressed concerns about business misconduct by Kakao Mobility Corp., the operator of the nation’s leading taxi-hailing service, Kakao T, particularly its tactics of using their market dominance.

Yoon recommended taking measures like reducing the commission charges for taxi drivers to a level similar to credit card commissions, which is typically around 1 percent.

President Yoon Suk Yeol holds a meeting with small-sized business owners in Seoul on Nov. 1, 2023. (Yonhap)
President Yoon Suk Yeol holds a meeting with small-sized business owners in Seoul on Nov. 1, 2023. (Yonhap)