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Ant Financial to invest US$200m in Korea's Kakao Pay

This will extend the China firm's push to create global network of financial assets

Published Tue, Feb 21, 2017 · 09:50 PM
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Shanghai

CHINA'S Ant Financial will invest US$200 million in Kakao Pay, the mobile payment subsidiary of South Korean messaging platform giant Kakao Corp, extending a major push by the Chinese firm to create a global network of financial assets.

The two firms said in a joint statement on Tuesday that the investment was part of a larger strategic partnership to help connect Ant's 450 million global users with Kakao Pay, which currently has over 14 million members on its platform.

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