From Shareholders' Meeting Info to Electronic Voting in One Go... Kakao Pay Provides 'Electronic Documents' with Korea Securities Depository

[Asia Economy Reporter Kiho Sung] Kakao Pay announced on the 9th that it will provide the ‘Kakao Pay Electronic Document’ service to the Korea Securities Depository. Now, with just Kakao Pay, it is possible to check shareholder meeting information and participate in electronic voting all at once.

With the introduction of ‘Kakao Pay Electronic Document,’ the Korea Securities Depository can send shareholder meeting information notices to shareholders via KakaoTalk. Previously, issuing companies sometimes failed to notify small shareholders due to the inability to obtain their addresses or contact information. However, by sending notices through KakaoTalk, which is used nationwide, the accessibility of information for small shareholders is expected to improve. Cost savings compared to paper notifications are also anticipated.

Additionally, it is now possible to exercise voting rights without physically attending the shareholder meeting. The Korea Securities Depository introduced the ‘Kakao Pay Authentication’ service to electronic voting, which previously required participation only through a joint certificate. By simply completing a straightforward identity verification process such as facial recognition, biometric authentication, or password using the Kakao Pay certificate, users can conveniently participate in electronic voting. Currently, the cumulative issuance of Kakao Pay certificates has reached 25 million. Amid difficulties in operating shareholder meetings due to COVID-19, it is expected that general shareholders’ convenience will greatly increase through Kakao Pay, and the electronic voting system will be revitalized.

In line with this, Kakao Pay is conducting a prize event until the 31st of this month. Among users who view the Korea Securities Depository’s shareholder meeting information notice via Kakao Pay, 500 people will be selected by lottery to receive prizes: one person will receive 1 million won in Kakao Pay Money, 100 people will receive 50,000 won in Kakao Pay Money, and 399 people will receive Starbucks Americano exchange coupons. Viewing the notice automatically enters users into the event, and winners will be notified individually.

Kakao Pay stated, “We are very honored to contribute to changes in shareholder meetings suitable for the untact era and the revitalization of the electronic voting system together with the Korea Securities Depository,” adding, “We will continue to expand partnerships in various financial fields to improve users’ inconveniences, big and small.”