Ant Financial Services Group, the financial services affiliate of Alibaba Group Holdings Ltd., has agreed to make a US$200 million strategic investment in Kakao Pay, a mobile payment solution provider of South Korean-based messaging platform company Kakao Corp., according to Ant and Kakao's joint announcement.
Kakao and Ant Financial said the investment will help connect Ant's 450 million global users with Kakao Pay, which currently has over 14 million members on its platform.
It marks Ant Financial's third major investment in the online payment sector within the last 12 months.
“South Korea is an important market for Ant Financial in its global expansion, and we see many opportunities in the market for innovative services and growth in mobile payments. Given Kakao’s leading mobile platform offering and vast customer base, we beli...
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