Coupang Extends Short-Term Loan Agreement Worth 500 Billion KRW with Coupang Pay

[Asia Economy Reporter Ryu Taemin] Coupang announced on the 28th that it has signed a short-term loan agreement worth 500 billion KRW with its affiliate Coupang Pay for operating funds.

This agreement is an extension of the existing loan contract between Coupang and Coupang Pay signed in October last year. The loan period is one year from the contract date (October 23), and the interest rate is 4.6% per annum.

Coupang Pay is a 100% subsidiary of Coupang that provides a simple payment system. In April last year, the fintech business division responsible for the simple payment service Coupay was spun off to establish the subsidiary 'Coupang Pay.'