Posted : 2021-05-10 15:33
Updated : 2021-05-10 15:45
Lee Seung-gun, CEO of Viva Republica, the parent company of the popular peer-to-peer money transfer application Toss. Yonhap
By Kim Hyun-bin
Toss, which provides mobile financial services, was successful last year in recording close to 400 billion won in sales and enhancing its profitability margin. However, the company is aiming higher for this year with the goal of exceeding 1 trillion won in total sales.
Viva Republica is the parent company of the popular peer-to-peer money transfer application Toss.
Last week, Toss released last year s earnings which showed a 230 percent increase in sales compared to the previous year s 389.8 billion won.
KakaoPay s plan to set up digital insurer facing setback
Posted : 2021-05-03 15:25
Updated : 2021-05-03 15:27
KakaoPay CEO Ryu Young-joon, left, and Financial Services Commission (FSC) Chairman Eun Sung-soo applaud at the ceremony for the launch of the open banking service in this December 2019 file photo. Courtesy of FSC
By Park Jae-hyuk
KakaoPay is facing difficulties achieving its grand goal of launching an internet-only insurance company in the second half of the year, raising concerns that this could possibly have a negative impact on its planned initial public offering (IPO).
The mobile payment unit of Kakao has yet to receive preliminary approval for the establishment of its digital non-life insurer, after applying Dec. 29.
More venture capital firms target listing amid IPO boom koreatimes.co.kr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreatimes.co.kr Daily Mail and Mail on Sunday newspapers.
By Park Jae-hyuk
The financial authorities will review the banking groups plans to establish their own internet-only banks as early as July, after completing an assessment of the domestic banking industry s competitiveness in preparation for Viva Republica opening Toss Bank. Based on the assessment, we will discuss whether to issue additional internet-only bank licenses and allow financial holding companies to establish their own internet-only banks, a Financial Services Commission official said.
This remark came as several banking groups started preparing the procedures to ask regulators to enable the opening of their own app-based banks. Only tech firms have been allowed so far, with Kakao running Kakao Bank, KT operating K bank and Viva Republica preparing to launch Toss Bank.
China still obstructs KakaoPay s MyData business
Posted : 2021-04-05 16:33
Updated : 2021-04-05 17:02
A KakaoPay user makes a payment with his smartphone using a QR code in this file photo. Courtesy of KakaoPay
By Park Jae-hyuk
KakaoPay is still facing difficulties in its attempt to win a MyData license, as the Chinese authorities have yet to respond to a request from the financial authorities here to confirm whether or not the Korean fintech firm s second-largest shareholder, Alipay, is under any sanctions there.
The MyData business is regarded as a future growth engine for most financial firms here as its license enables them to receive their customers credit information from conventional financial firms, so that customers can access all their financial data in one place.