Google Says it Offers Over $10 Billion in Consumer Benefits in South Korea in Response to Continuing Regulatory Issues

15 September 2021

    Alphabet's Google said on Wednesday that its presence in South Korea equates to nearly 11 trillion won in economic benefits for its users - an announcement that arises amid regulatory and political issues the company faces.


    South Korea's antitrust agency has fined Google 207 billion won for blocking customized versions of its Android operating system - now Google’s second regulatory issue in the country in less than a month. 


    In late August, parliament passed an amendment to South Korea's Telecommunications Business Act, to ban major app store operators such as Google from forcing software developers to use their payment systems and effectively stopping developers from charging a commission on in-app purchases.


    Google said during an online event that it annually provides 5.1 trillion won worth of benefits for South Koreans through its Play Store, 4.2 trillion won through its search engine service, and 2.5 trillion won through its productivity apps, including Google Docs, as well as 10.5 trillion won of general economic benefits for South Korean companies.


    "We will continue to do our best to support our partners to grow and advance into the world and to positively contribute to the South Korean economy”, Google Korea's Country Director - Kim Kyoung-hoon commented.

    *The products advertised are only available to clients under Fondex Limited (SDL No: SD037). Trading CFDs involves significant risk of loss.