On the 11th, Financial Supervisory Service Governor Lee Chan-jin met with big tech (large information technology corporations) chief executives and said, "A platform ecosystem can achieve sustainable growth only when portals' users and e-commerce marketplace sellers are recognized as partners to grow with, not merely as tools for revenue generation."
That day, Lee held a "big tech CEO roundtable" at Naver Square Yeoksam's main auditorium and said this. The roundtable was attended by the CEOs of five big tech firms—Naver, Kakao, Toss, Coupang, and Baemin—and the head of the Korea Federation of Micro Enterprise (KFME).
In his opening remarks, Lee said, "In the digital economy, big tech with the powerful foundations of platforms and data is establishing itself as a key player," and added, "For the sound development of big tech, please entrench management centered on platform users."
Referring to findings from a review of an online lending platform in Mar. that uncovered cases where products with higher brokerage fees were prioritized in exposure, Lee said, "If an algorithm falls into biased errors, consumers' rights and welfare are bound to be infringed." He then said, "Put customer value first and enhance the fairness and accountability of platform operations."
Lee also said, "Please pay attention to protecting users of electronic financial transactions accompanying platforms," and added, "So there is no public harm or inconvenience, please join forces to the fullest to create a safe electronic payment environment."
Lee also emphasized mutual growth with small businesses such as marketplace sellers on platforms. He said, "The government's policy agenda includes 'coexistence between online platforms and small businesses,'" and added, "We ask big tech to take an interest in reasonable fee charges for small businesses, faster settlement of sales proceeds, and expanded support for merchants."
Calling for stronger IT security and personal data protection, Lee said, "It is time for the leaders to take direct responsibility and demonstrate leadership by establishing top-tier IT security systems," and added, "Recognize IT security management as a core competitive edge of big tech and make special efforts to prevent incidents, including sufficient IT security investment."