South Korea president pledges to break up eCommerce monopoly

“Those abusing their vested interests and monopoly power in detriment to competition and consumer welfare cannot be tolerated,” President Yoon said. — The Korea Herald

SEOUL: President Yoon Suk Yeol has pledged stricter corrective measures and law enforcement on eCommerce players to curtail their dominance in South Korea’s online market, claiming these marketplace operators were bullying mom-and-pop vendors and undermining consumer choice.

This will accompany the Yoon administration’s proposal of a new law to restrict business activities of eCommerce companies designated as “dominant platform business entities,” which was announced later on Tuesday.