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

President Yoon Suk Yeol speaks during an economic policy meeting with housewives, office workers, small business owners and taxi drivers at a cafe in Mapo District, western Seoul, Wednesday. The president has convened 20 of the so-called Emergency Economic and Public Livelihood Meeting sessions so far, most of which were held in the former presidential office of Cheong Wa Dae. However, the latest event took place in the form of a town hall meeting, reflecting the government's intention to show it is actively listening to public opinion. Yonhap

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, 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. (Yonhap)