News Summary

• Kakao Mobility, the ride-hailing unit of Korean tech firm Kakao, has been fined $10
• 5 million (KRW 15
• 1 billion) for limiting competitors’ access to its taxi app
• The penalty was lowered from an initial fine of $50
• 3 million ( KRW 72
• 4 billion) as the earlier sanction was based on an overestimated calculation of the company’s operating profits
• Kakao Mobility holds the largest market share in the country's taxi-hail market, capturing a 96% market share as of 2022