Fair Trade Commission Chairman: "Concerns Over Platform Companies' Data Monopoly... Time to Discuss Regulations"

Sogang University ICT Law and Economics Research Institute, Korean Academic Society of Business Administration, and Korean Financial Information Society Hold Symposium
Discussing 'Data Monopoly, Competition, and Consumer Issues'

Chairman Jo Sung-wook of the Korea Fair Trade Commission. / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Moon Chaeseok] "Concerns are rising that the data monopoly of giant platform companies, which have secured vast amounts of data and technology, could lead to hindrance of competition and consumer harm. It is time to discuss whether there is a need to find appropriate rules."

On the 24th, Cho Sung-wook, Chairman of the Korea Fair Trade Commission, stated at the 'Data Monopoly and Competition & Consumer Issues' symposium that there is a need to find appropriate rules to prevent platform company monopolies.

The symposium was jointly hosted by the Fair Trade Commission, Sogang University ICT Law and Economics Research Institute, the Korean Academic Society of Business Administration, and the Korean Financial Information Society at 1:30 PM at the Seoul Federation of Banks.

Chairman Cho revealed that he is examining data monopoly and competition & consumer issues. This agenda has recently emerged as a significant task amid the paradigm shift toward the digital economy.

Chairman Cho emphasized, "Data is becoming an essential production factor that changes the nature and landscape of competition, creating new value and driving economic growth. However, concerns are also emerging that the data monopoly of giant platform companies, which have secured vast amounts of data and technology, could lead to hindrance of competition and consumer harm."

He continued, "Now that the foundation of the data industry is being expanded in our economy and the digital economy is accelerating, it is time to observe market trends and discuss whether there is a need to seek appropriate rules."

The symposium was divided into two sessions: 'Data Monopoly and Competition Issues' and 'Data Monopoly Problems and Information Protection.'

An official from the Fair Trade Commission said, "Taking this symposium as an opportunity, we will continuously communicate with stakeholders and experts on digital economy and data issues. We also plan to monitor changes in industries and markets and respond to competition and consumer issues in the data sector."

This content was produced with the assistance of AI translation services.