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Finance

Kakao finance posts record results as Bank and Pay expand into corporate, securities and insurance

KakaoBank and KakaoPay posted record results, while Kakao’s financial business broadens beyond lending margins and simple payments into corporate finance, investment, insurance and advertising. KakaoBank is expanding lending and deposits from household customers to sole proprietors, SMEs, corporates and foreign-currency products, while KakaoPay is linking payment users and data to securities and insurance services. The companies also plan to connect KakaoPay Securities’ stock services to KakaoBank’s app in September.

Finance

KakaoPay Q2 operating profit 58.6 billion won, up 528 percent year on year

KakaoPay posted record quarterly sales, operating profit and net profit in the second quarter, helped by a surge in financial services revenue. The company said revenue rose 40.6 percent from a year earlier to 335.1 billion won, while operating profit jumped 528.2 percent to 58.6 billion won and net profit rose 251.3 percent to 49.6 billion won. Financial services revenue increased 75 percent to 175.2 billion won.

Finance

KakaoPay launches \'AI Coach\' to help with spending analysis and budget management

KakaoPay has launched a beta version of its personalised AI financial agent, \'AI Coach\', which analyses users\' spending records based on MyData to help manage financial habits. The service offers budget-based spending management, saving challenges, transaction analysis across multiple financial institutions, and guidance on government subsidies and support programmes users can apply for. Users can also choose between two coaching styles, with guidance tailored to the selected preference.