Ant Financial invests $200 million in Korea’s Kakao Pay - Breaking The News

Ant Financial invests $200 million in Korea’s Kakao Pay

21 February

1 min read

EPA / MARKKU OJALA

Ant Financial Services Group, an affiliate of China’s Alibaba, is set to invest $200 million in Kakao Pay, the mobile payment subsidiary of South Korea’s Kakao, the companies announced on Tuesday.

Ant Financial and Kakao Pay will broaden their customer base by joining forces in this strategic partnership and give them more opportunities to use mobile payment services in the countries. Combined users of the digital payment systems will be over 450 million.

The company that operates the online payment platform Alipay said last month it wants to acquire Texas-based money transfer company Moneygram International for $880 million.

Image: EPA / MARKKU OJALA

alibaba mergers and acquisitions kakao Ant Group

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