Ant Financial, the financial affiliate of Chinese e-commerce giant Alibaba, announced today a US$ 200 million investment in Kakao Pay, the soon-to-launch mobile finance subsidiary of Kakao Corp, parent to South Korea’s leading mobile messaging platform Kakao Talk.

Kakao, which now claims 48+ million users, has launched its mobile payment feature Kakao Pay last year. The platform has accumulated more than 14 million members and gradually evolved from payment transactions to offer innovative and convenient mobile financial services including bill payment, remittance and membership management.

Kakao’s board decided in January to form a separate entity for its Kakao Pay financial service brand, tentatively named Kakao Pay Corp. Young-Joon Ryu, who currently leads Kakao’s fintech division, will head the new company.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.