Smilegate Establishes 'StovePay' Corporation... Prepaid Business Registration Completed

"Considering Application for PG Services in the Future"

Smilegate announced on the 20th that it has established a corporation called 'StovePay' to enable payment services on its own game platform 'Stove'. This corporation has also completed registration for the issuance and management of prepaid electronic payment instruments (prepaid business).

StovePay issues and manages Stove Cash, a prepaid electronic payment instrument available on Stove, and operates payment-related services. Prepaid electronic payment instruments refer to gift certificates, cash, points, etc., that can be charged in advance on online platforms and used for payments. To provide prepaid payment services, registration for prepaid business under the Electronic Financial Transactions Act (EFTA) is mandatory unless exempted.

The establishment of this corporation and the prepaid business registration are measures to protect users in accordance with the strengthened EFTA. In the future, to improve the quality of payment services on the Stove platform, application for electronic payment gateway (PG) services is also being considered.

Song Min-cheol, CEO of StovePay, said, "We will provide a stable service so that both Stove platform users and merchants can use the pay service with confidence," adding, "We plan to gradually develop specialized areas unique to StovePay and grow the business."