DGB Financial Group Partners with KakaoPay to Boost Digital Activation

Ryu Young-jun, CEO of Kakao Pay (left), Kim Tae-oh, Chairman of DGB Financial Group.

[Asia Economy Reporter Kim Hyo-jin] DGB Financial Group announced on the 24th that it signed a strategic business agreement with Kakao Pay on the 23rd to promote digital finance and create digital customer value.

The signing ceremony was attended by Kim Tae-oh, Chairman of DGB Financial Group, Ryu Young-joon, CEO of Kakao Pay, and executives from both companies, who pledged to establish an organic collaboration system for mutual growth and business development.

Since Kakao Pay and its affiliates DGB Daegu Bank and DGB Capital have already maintained an active partnership through financial product sales and other collaborations, this new agreement plans to expand the scope of cooperation to all affiliates of both companies.

The two companies will mutually cooperate in areas such as loans, asset management, MyData, and local currency, and will actively explore and implement businesses that are not limited to these fields to expand their customer bases and meet the diverse needs of financial consumers.

Specifically, they plan to strengthen credit support for financially marginalized groups through non-face-to-face mid-interest loans, enhance cooperation in the capital market sector to improve asset management services for financial consumers such as the MZ generation (Millennials + Generation Z), and collaborate on innovative financial services and new digital financial products utilizing MyData and big data.

DGB Financial Group stated that it pursued this partnership to maximize the complementary effects through collaboration with a leading digital finance big tech company and to accelerate the group’s digital transformation through strategic alliances.

Chairman Kim Tae-oh said, “This agreement will be a good example of mutual growth through cooperation between financial companies and big tech firms,” adding, “We will continuously develop agendas tailored to the characteristics of each affiliate, including the group’s subsidiaries such as the bank, HI Investment & Securities, life insurance, capital, and the recently acquired asset management specialized fintech company NewGistock, and provide comprehensive support to maximize growth and profits for both companies.”