[Featured Stock] KG Inicis Surges Over 11% on Apple Pay Launch News

[Asia Economy Reporter Kwon Jae-hee] KG Inicis is showing strong performance in the early trading session following the news of Apple Pay's launch.

As of 10:37 AM on the 7th, KG Inicis is trading at 14,500 KRW, up 11.11% compared to the previous trading day. During the session, KG Inicis rose as much as 14.94% to 15,000 KRW before giving up some of the gains.

On this day, Apple and Hyundai Card announced that starting from December, they will launch the 'Apple Pay' service for iPhone users in South Korea. The service will be available at all convenience stores nationwide, as well as major franchise stores such as Starbucks, E-Mart, and Costco.

To support this, Hyundai Card has signed contracts with six major VAN companies, which are entrusted with managing card payment terminals, as well as card terminal manufacturers. The participating VAN companies include KG Inicis, KIS Information & Communication, KICC (Korea Information & Communication), KSNET, NICE Information & Communication, and Fiserv.