Incorporation in One Day... Full-Scale Business Launch Scheduled for the First Half of This Year
[Asia Economy Reporter Kim Cheol-hyun] Coupang is spinning off its fintech business division, which is responsible for payment services, to launch full-scale operations in the first half of the year. On the 1st, Coupang announced that it will establish a fintech subsidiary called 'Coupang Pay' (tentative name). In addition to the existing Coupang payment service 'CoPay' business, Coupang Pay plans to develop innovative fintech services to provide better customer experiences to more users.
The new corporation will be led by Senior Director Kyung In-tae, who is currently the head of technology for the fintech business division. Since 2014, the newly appointed CEO Kyung has overseen the technology of Coupang's simple payment system. Coupang's fintech service, CoPay, has surpassed 10 million registered users and ranks third in the country in transaction volume, establishing itself as a leading simple payment service. Notably, it features a one-touch payment system where payment is completed by pressing the 'purchase' button alone, without entering a password or fingerprint recognition, by utilizing a self-developed fraud detection system.
New CEO Kyung In-tae said, "The newly established fintech subsidiary will evolve into a comprehensive fintech platform for customers by providing more convenient and innovative financial services beyond simple payments." He added, "We will introduce differentiated services in the fintech sector that can only be experienced at Coupang, so that customers will say, 'How did we live without Coupang?'"
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