[Featured Stock] KakaoBank Plummets 9% Amid Controversy Over KakaoTalk Transfer Restrictions

[Asia Economy Reporter Ji Yeon-jin] KakaoBank is experiencing a drop of more than 9% during trading on the 19th due to controversy over restrictions on KakaoTalk remittances.

As of 9:22 a.m. on the same day, KakaoBank was trading at 28,300 KRW, down 9.29% (2,900 KRW) from the previous day.

The decline is interpreted as a continuation of the weakness following reports that the amendment to the Electronic Financial Transactions Act prepared by the Financial Services Commission the day before included a bill banning simple remittances based on prepaid charging.

In response to these reports, the Financial Services Commission stated, "Even if the amendment to the Electronic Financial Transactions Act is passed, consumers will still be able to use the simple remittance function," but panic selling appears to be continuing.