South Korean ride hailing giant fined highest in industry history

South Korean ride hailing giant fined for alleged unfair competition: On October 5th, Caixin reported that Kakao Mobility, a travel platform under South Korean IT giant Kakao, is the largest ride hailing platform in South Korea. Recently, the Korea Fair Trade Commission announced a fine of 72.4 billion Korean won (approximately 380 million yuan) on Kakao Mobility, setting a record for the highest fine in the history of the domestic ride hailing platform industry in South Korea. The Korea Fair Trade Commission stated that Kakao Mobility is using its overwhelming advantage in the taxi hailing market to disrupt fair trade order, hinder the operation of competing companies, and benefit the development of related businesses. However, regarding the ruling of the Fair Trade Commission, Kakao Mobility stated that it will file an administrative lawsuit.