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Indian app industry cheers South Korea move to rein in Apple and Google

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The South Korean Parliament on Tuesday passed a Bill that is expected to rein in the control that Apple and Google have over payment systems in their app stores. The legislation is now awaiting the signature of the President of South Korea, Moon Jae-in.

This Bill is the first major legislation in the world to specifically target in-app markets and payment systems, even as market giants Apple and Google are facing global criticism for mandating the in-app use of their proprietary payment systems, and charging commissions of up to 30 per cent on the sale of apps and subscriptions through the app stores. Developers across the world have questioned these moves, and have demanded freedom to choose alternative methods of payment and distribution, such as via third-party app stores installed on the iOS or Android operating systems.

On Tuesday, South Korean legislators voted to approve amendments to their Telecommunications Business Act, with the intent of promoting fair competition in the app market industry. The bill prohibits app market business operators from taking advantage of their dominant status to force developers to use a specific payment system. It also prohibits app store service providers from engaging in activities such as preventing apps from registering on their stores, inappropriately delaying app registration and unfairly deleting apps from the app market. The move would also enable app developers to avoid the hefty commissions, and thus reduce costs both for developers and end-consumers.

In addition, the bill also empowers South Korea’s Minister of Science/ICT and the Korea Communications Commission to conduct an inquiry into the operations of the app market, to help the government more actively identify app-market related disputes and prevent acts that hinder fair competition and consumer interests.

This move comes as regulators worldwide have turned their attention to app stores and the fees they are charging developers. In the US, three senators introduced a bipartisan Bill earlier in August to promote fair competition by regulating in-app purchases and forcing dominant players from excluding third-party app stores from their operating systems. In India, the Competition Commission of India (CCI) has been investigating Google for potential abuses of its dominant position in the market to promote its proprietary payment services.

Apple and Google have both publicly opposed attempts to regulate their business practices through legislation.

Meanwhile, several industry players have reacted positively to the developments in South Korea. Rakesh Deshmukh, Co-founder & CEO of Indus App Bazaar, India’s largest third-party app store, shared his support for the move. He said that “policy needs to support innovation. We hope that Google enhances developer choice by allowing the listing of app distribution platforms like Indus App Bazaar on the Play Store. That would help us to formulate a B2C journey. I hope that App Stores like ourselves are allowed a fair play environment on Google Play and Android. Furthermore, in India, we need to look into developer choice for app distribution & payment gateways from a policy perspective.”

Sijo Kuruvilla, Executive Director of the Alliance of Digital India Foundation (ADIF), a startup alliance, welcomed the move by tweeting “Any legislation on the matter anywhere in the world will set a precedent for other nations to adopt and build on. To fair markets.”

Commenting on the developments from the US, the Coalition for App Fairness (CAF), an industry association of apps, reacted positively, terming it a momentous step forward, with Meghan DiMuzio, the Executive Director of CAF saying, “South Korean lawmakers and President Moon Jae-in have made history and are setting an example for the rest of the world. This law will hold app store gatekeepers accountable for their harmful and anti-competitive practices. The Coalition for App Fairness hopes U.S. and European lawmakers follow South Korea’s lead and continue their important work to level the playing field for all app developers and users.”

Match Group, that operates the largest portfolio of dating and social discovery apps such as Tinder and OKCupid, thanked South Korean Legislators in a statement, also saying that the legislation “… marks a monumental step in the fight for a fair app ecosystem…” and “…will put an end to mandatory IAP in South Korea, which will allow innovation, consumer choice, and competition to thrive in this market…” The statement adds, “We look forward to the bill being quickly signed into law and implore legislative bodies around the globe to take similar measures to protect their citizens and businesses from monopolistic gatekeepers that are restricting the Internet.”

Meanwhile, many Indian players have also noted these developments with interest, more so in context of opposition to Google’s “app tax” on in-app purchases and its impacts on local players.

NFN Labs, developers of popular apps like Screeny and Vookmark, who have had their share of run-ins with Google, Twitter, and Apple, have also been welcoming of alternative stores and choices of payment gateways.

Rajesh Padmanabhan, cofounder, NFN Labs in a statement said, “For our IoT product, Vookmark launching on Indus App bazaar has boosted our growth with a new set of engaged users…Additionally, we are exploring the ability to distribute and collect payments through alternative channels for our browser extensions, Android, and iOS packages. An alternative distribution that allows free uploads like Indus App Bazaar & lower commissions will certainly help to redirect funds for R&D and help us grow faster.”

The implications of the move in the Indian market remain to be seen, but Rakesh Deshmukh of Indus App Bazaar feels there is more that can be done with app distribution in India, “It’s about the choice of distribution; we all know that Google Play Store and App Store will continue to exist but we need more competition. We believe that choice is central to competition and hence when developers choose to distribute via our infrastructure, we allow a choice of payment gateway. This choice we believe would allow developers leverage to negotiate a reasonable fee with the two companies and payment gateway providers.”

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PM Modi’s dream of developed India by 2047 becomes collective resolve of every citizen

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New Delhi, Sep 17: Under Prime Minister Narendra Modi’s leadership, the dream of a developed India by 2047 has today become the collective resolve of every citizen, Union Minister Pralhad Joshi said on Wednesday.

Wishing PM Modi on his 75th birthday, the minister said that in the past 11 years, “your tireless hard work and dedication have brought unprecedented transformation in the lives of crores of Indians”.

“You have ignited the lamp of patriotism in the heart of every citizen and awakened a resolve for active participation in nation-building. May God grant you excellent health and a long life, so that you continue to serve Mother India with the same dedication and energy in the coming years,” Joshi noted in a post on X.

Union Minister Jyotiraditya Scindia said that meeting PM Modi for the first time as a member of his cabinet was a truly unforgettable experience for him.

“His deep interest in every subject, open mindedness, and out of the box perspective gave me new energy and inspired me to fulfill my responsibilities with even greater dedication and enthusiasm,” he posted on X.

“That one experience endowed me with the ability to serve the people with complete devotion for a lifetime, and for that, I will always remain deeply grateful to him from the bottom of my heart,” Scindia emphasised.

He further stated that PM Modi is dedicated to the development of every individual and is devoted to the principles of Antyodaya.

Minister of State for Commerce and Industry, Jitin Prasada, said that under PM Modi’s leadership, the significant decision of GST reforms will not only simplify and ease the lives of citizens but also provide new energy to the industry and business world, while promoting local production and entrepreneurship.

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Urban Company IPO Surges On Debut, Listed At 60% Premium – What Drove The Buzz?

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Mumbai: Urban Company created a big buzz on its first day in the stock market. The company’s IPO (Initial Public Offering) was listed on September 17 on both the BSE and NSE. The issue price was Rs 103 per share, but it opened much higher at Rs 162.25 per share. This gave investors an immediate listing gain of almost 60 percent, which is a huge return on the first day itself.

The Rs 1,900 crore IPO opened for subscription from September 10 to 12, and it received an overwhelming response. The IPO was subscribed more than 103 times in total. This means demand was over 100 times more than the number of shares available. Big institutional investors showed the most interest, but retail and high-net-worth investors also participated in large numbers.

Out of the total IPO amount, Urban Company raised Rs 472 crore as fresh issue, and the rest came through an Offer for Sale (OFS) of Rs 1,428 crore. The company plans to use the fresh funds for marketing initiatives and technology upgrades, which will help it grow faster. Before the IPO, Urban Company also raised Rs 854 crore from major anchor investors, including names like SBI Funds, HDFC Mutual Fund, Fidelity, Nomura, Goldman Sachs, and others.

Urban Company is a popular platform that offers home and beauty services. Customers can book services such as cleaning, pest control, plumbing, carpentry, electrical work, painting, beauty treatments, grooming, and massage therapy. The company currently operates in 51 cities across India, UAE, and Singapore, and it is also present in Saudi Arabia through a joint venture. Urban Company is growing quickly and aims to become a global leader in home services.

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Sensex, Nifty open higher as India-US trade talks set to resume

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Mumbai, Sep 16: The Indian benchmark indices opened higher on Tuesday amid mixed global cues, as US Chief Negotiator Brendan Lynch arrived in India to resume trade negotiations between the two nations.

As of 9.25 am, the Sensex was up 184 points or 0.23 per cent at 81,970, and the Nifty was up 47 points or 0.19 per cent at 25,117.

The broadcap indices outperformed benchmark indices, as Nifty Midcap 100 inched up by 0.26 per cent, and the Nifty Small cap 100 moved up 0.70 per cent.

Kotak Mahindra, Axis Bank and Hero Motocorp were the top gainers on NSE Nifty 50 index. Titan Company, SBI Life Insurance, Asian Paints and Tata Consumer Products weighed on the Nifty 50 index.

Among sectoral indices, Nifty Media, the top gainer, jumped 1.08 per cent. Nifty Auto (up 0.65 per cent) and Nifty Oil and gas (up 0.57 per cent) were the other major gainers. Except Nifty FMCG and Nifty PSU Bank, which were marginally down, all other indices were in the green.

Analysts said that, from a technical standpoint, a sustained move above the 25,160 level could pave the way for a rally toward 25,250 and 25,500 zones. The immediate support lies at 25,000 and 24,900 zones.

“The bold reforms – both fiscal and monetary – implemented this year have started yielding results and is likely to gather momentum in near future. An India-US trade agreement without the penal tariffs can be a shot in the arm for markets,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Major US indices ended firmly in the green zone overnight as the Nasdaq rose 0.94 per cent, the S&P 500 gained 0.47 per cent, and the Dow advanced 0.11 per cent.

Most of the Asian markets made strong gains during the morning session. While China’s Shanghai index dipped 0.1 per cent, and Shenzhen inched down 0.26 per cent, Japan’s Nikkei rose 0.54 per cent, while Hong Kong’s Hang Seng Index inched up 0.07 per cent. South Korea’s Kospi inched up 1.2 per cent.

The US markets are pricing in a 96.4 per cent probability of a 25-basis-point rate cut on September 17, with additional cuts expected through year-end.

On Monday, foreign institutional investors (FIIs) sold equities worth Rs 1,268 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 1,933 crore.

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