South Korea's information technology firms Naver and Kakao complained against the government for discriminatory policies and demanding it to ensure fair competition with foreign IT firms.
According to Kakao CEO Yeo Min-soo, regulations on the platform business need refinement to create fair competition between local and international firms, noting that different regulations and penalties apply to each group.
Naver CEO Han Sung-sook said local firms trail their foreign counterparts Facebook, Google and Alibaba, in engineering workforce and funding by at least 20 to 30 times, saying they would never be able to compete against any of them one-on-one.
Han insists that there shouldn't be restrictions solely put on them just because they are local.
The two CEOs expressed their concerns during the Digital Economy Innovation Study Forum at the National Assembly in Seoul.
Zigbang CEO Ahn Sung-woo, Kakao Pay CEO Ryu Young-joon, and Woowa Brothers CEO Kim Beom-joon, participated in the forum.
Both Yeo and Han also emphasized their firms' contribution to promoting mutual growth with local small and mid-sized companies.
Currently, Kakao sells emojis created by 7,500 local artists, with the top 50 most popular sets generating sales of 1 billion won.
Naver has been investing in domestic startup companies in the last few years, and it has opened a shopping platform called "Smart Store" for budding entrepreneurs to sell their products.
Kim Kwang-su, a professor at the Computing College of Sungkyunkwan University, stressed that for the Digital New Deal initiative to work, the government has to suggest a clear vision and invest money while letting the private sector do business.


Barclays Q2 Profit Beats Forecasts as Investment Banking Strength Offsets Higher Costs
Chipotle Q2 Earnings Beat Expectations as Sales Growth Drives Higher 2026 Outlook
Samsung Q2 Profit Surges on AI Memory Chip Demand, Forecasts Strong Second Half
SK Hynix Q2 Profit Hits Record as AI Memory Chip Demand Fuels Growth
Robinhood Q2 Earnings Beat Estimates, But HOOD Stock Falls as Investors Question Profit Quality
X Challenges Australia’s Expanded Social Media Ban Enforcement Powers
Philips Shares Slide 10% Despite Earnings Beat as Weak Orders Raise Growth Concerns
SpaceX Wins $1.6 Billion U.S. Space Force Launch Contracts for Falcon 9 Missions Through 2027
Unilever Raises 2026 Sales Outlook After Strong Q2 Volume Growth
Exosens H1 Profit Beats Forecasts as Defense Demand Drives Growth
Starbucks Stock Jumps as Q3 Earnings Beat, Sales Growth Drives Higher 2026 Outlook
Standard Chartered Beats Profit Forecasts as First-Half Earnings Rise 9%
Seagate Stock Jumps as AI-Fueled Earnings Beat and Strong FY2027 Outlook Impress Investors
Meta CEO Zuckerberg Opposes U.S. Ban on Chinese AI Models, Warns Against Overregulation
OpenAI Revenue Surges After GPT-5.6 Launch as IPO Expectations Grow
GSK Unveils $2.52 Billion Cost-Cutting Plan to Accelerate Drug Pipeline
Qualcomm Stock Falls as Weak Q4 Forecast, Apple Revenue Decline Overshadow AI Data Center Growth 



