South Korea to Check Google, Apple Commission Dominance
South Korea is likely to bar Google and Apple from charging software developers commissions on in-app purchases, the first such curbs by a major economy that could hurt the tech giants’ lucrative revenue streams.
The parliament’s legislation and judiciary committee is expected to approve the amendment of the Telecommunications Business Act, banning app store operators with dominant market positions from forcing certain payment systems.
Lawmakers in South Korea started raising the issue of the tech giants’ commission structure since the middle of last year. Apple and Google have both faced global criticism because they require software developers using their app stores to use proprietary in-app payment systems that charge commissions of up to 30 percent on in-app purchases.
In South Korea, Google Play Store earned revenue of nearly 6 trillion Won ($5.29 billion) in 2019, according to a government report published last year.
HDFC Bank Aims to Ad 5 Lakh Credit Cards per Month, Regain Market Share in 3-4 Quarters
HDFC Bank is aiming to add five lakh new credit cards to its portfolio every month beginning February 2022. The bank claimed that the move will enable it to regain its market share and cement its leadership position in the credit card issuing business in the next 9 to 12 months.
HDFC Bank has over 20 initiatives which will hit the market in the next 6 to 9 months to drive this growth. These include the launch of new co-branded cards with large enterprises spanning pharma, travel, FMCG, hospitality, telecom and fintech.
HDFC Bank has about 3.67 crore debit cards, 1.48 crore credit cards and about 21.34 lakh acceptance points, making it among the largest facilitators of cashless payments in the country. With over 5.1 crore credit cards, debit cards and prepaid cards addressing every market segment, every third rupee spent on cards in India happens on HDFC Bank cards.
Synechron Partners with myGwork to Expand Support for LGBTQ+ Community
Synechron, a digital transformation consulting firm focused exclusively on the financial services industry, has partnered with myGwork, the global networking hub and job board for LGBTQ+ professionals and students. With the partnership, Synechron becomes a ‘corporate partner’ of the myGwork network and be among the 268 organizational allies that fiercely support the diversity of individuals no matter their unique culture, backgrounds, or lifestyles.
The purpose of the myGwork platform is to offer the LGBTQ+ community a safe and free space to connect with inclusive employers, mentors, professional events, and offer other membership benefits. But it is far more than just a recruiting platform. The partnership means that Synechron will be further empowered as a company that already has a strong Diversity, Equity, and Inclusion (DEI) focus, through an array of trainings around topics such as allyship, inclusivity, unconscious bias, resilience, inclusive language, and more.
