Kakaopay CEO Ryu Young-joon
South Korea’s Kakaopay has added investment services to its messenger service Kakao Talk, allowing users to buy stocks and funds just like a brokerage but in a simpler manner.
During a press conference held on Monday, the company laid out a `Kakaopay Investment` vision, which marks the first step for the fintech firm to expand its payment service as a financial platform, said Kakaopay CEO Ryu Young-joon.
Initial financial products on Kakaopay include crowdfunding, stocks and funds with moderate risk and moderate return. A minimum amount of investment money is 10,000 won ($8.85) via an account connected to Kakaopay and no deposit is required.
Kakaopay is also planning to launch a global cross border payment service for overseas payment without the need of money exchange in cooperation with Chinese payment platform Alipay. The new service will begin in Japan in the first quarter of next year and extend to China and elsewhere.
Kakao’s successive business expansion is a reminiscent of China’s largest mobile messenger WeChat Pay, which started as a messenger service and has expanded its business area into remittance and financial product sales.
By Lee Dong-in and Minu Kim
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