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Proposed bill: Partial Amendment to the Act on the Promotion of Mutually Beneficial Cooperation Between Large Enterprises and Small and Medium Enterprises Proposed by Rep. Lee Dong-ju (Democratic Party of Korea) ● Unfair transaction practices persist among commissioning enterprises, invoking calls to reinforce regulations against commissioning enterprises that engage in unfair transaction practices. This amendment p...

Namkoong Whon, co-CEO of Kakao, stepped down on Wednesday to take responsibility for the recent service disruptions including its popular messenger app KakaoTalk due to a data center fire and vowed to complete a backup system within two months to prevent a recurrence. “Currently, most of our services have been normalized. We have caused great inconvenience for a lengthy period of time as our response did not meet the expectations of users,” Namkoong said during a press conference at its office in the Pangyo area of Seongnam, Gyeonggi Province.

The Financial Supervisory Service (FSS) is looking into whether Kakao's financial affiliates took timely countermeasures after a fire broke out at a data center on Saturday. Accord...