South Korean regulator asks Chinese e-commerce platforms` for business data
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
The regulator said on Friday it will ask major e-commerce platforms operating in South Korea, including China's AliExpress and Temu, to submit data on their businesses for market analysis.
The Fair Trade Commission (FTC) said it launched in-depth research on the online retail market following a monthslong preliminary study and will ask 40 major platforms to submit data on their business structure, logistics system and profit models, among other things, reports Yonhap news agency.
The list of companies include Coupang, Naver, Kakao, CJ Olive Young, AliExpress and Temu, the FTC said, adding that they have either more than 1 million active monthly uses, a net monthly payment amount of over 100 billion won ($72.49 million) or more than 1 million number of payments per month.
"The study aims to better respond to competition, innovation and other issues in the fast-growing sector under the fast-changing business circumstances. Data from the companies will be used only for research purposes," an FTC official said.
The regulator will draw up and make public a policy report by the end of this year.
