Heard on the Street: Traumatized tech investors shouldn’t let the drama in Beijing blind them to developments elsewhere
The financial impact of the new fintech rules shouldn’t be big, but the worry is that more rules could be coming and could broaden to the whole internet sector. Some South Korean politicians have raised concerns about alleged anticompetitive practices by big tech recently and the impact on small businesses.
The noises about more regulation could last for a while. South Korea’s legislature will conduct its annual audit in October, when legislators probe the work of government departments. Contentious issues like regulation of big tech could continue to dominate the news cycle. The debate will likely last into March, when the presidential election will be held. Given that the leading candidates are pretty close in the polls, being tough on big tech could become a popular pitch.
With the very different political system in South Korea, any new regulatory actions there are unlikely to be as
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