Prime Minister Kim Boo-kyum: "Suspicious of Kakao's Overexpansion... Will Take Forced Measures if Necessary"

Prime Minister Kim Boo-kyum [Photo by Yonhap News]

[Asia Economy Reporter Park Cheol-eung] Prime Minister Kim Boo-kyum stated on the 13th, "It is true that there is suspicion that Kakao expanded in an octopus-like manner when small and medium-sized enterprises were struggling."

On the afternoon of the same day, during a government questioning session at the National Assembly, Kim made this remark in response to independent lawmaker Lee Yong-ho's criticism that "Kakao is causing controversy by entering neighborhood markets." He added, "We will clearly see whether regulatory measures can be taken based solely on the Fair Trade Commission's judgment."

He continued, "If new platform companies, including Kakao, are not achieving innovation but rather repeating the monopolistic behaviors of conglomerates, there must be monitoring and supervision, and if necessary, compulsory measures should be taken."

Prime Minister Kim said, "We will examine whether large platform companies like Kakao have avoided current legal frameworks or if there are parts that require sanctions under the law," adding, "It seems they have benefited as fintech frontrunners, but if the result has appeared as octopus-like expansion, there must be monitoring and supervision in some form."