South Korea has promised to safeguard its business operating in other markets after Japanese regulators informed LY Corp., which runs the popular chat app Line, to minimize its reliance on Naver, the Korean partner in the endeavor
SEOUL, South Korea — South Korea swore Friday to safeguard its business operating in other markets after Japanese regulators informed LY Corp., which runs the popular chat app Line, to minimize its reliance on Naver, the Korean partner in the endeavor.
Friction over Naver’s 50% stake in LY, a endeavor with Japan’s SoftBank, emerged after a significant security breach at Naver’s cloud computing servers last year. The Japanese side advised LY to enhance its governance and rely less on Naver after the leakage of more than 300,000 records, consistingof details of Line users.
Some Korean politicalleaders haveactually implicated Japan of pressing Naver to lower its stake in LY, requiring that President Yoon Suk Yeol’s federalgovernment embrace a stern position towards Tokyo.
A senior Korean innovation ministry authorities spoke with