South Korea fines Google and Apple over ‘unfair’ app market practices

South Korea's Fair Trade Commission has fined Google and Apple for allegedly engaging in unfair business practices in their app markets. The commission found that the tech giants were restricting app developers' ability to use external payment links within their apps, giving Google and Apple a monopoly on in-app payments. This move could have significant implications for the global tech industry, as it sets a precedent for regulatory oversight of app market practices.

Why it matters

The fines imposed on Google and Apple by South Korea may lead to increased regulatory scrutiny and potential losses for the companies. This could negatively impact their stock prices and investor sentiment.

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