Physical Spin-off on July 1
Establishment of 'Platinum Payments' and Incorporation as a Subsidiary
On May 23, SSG.com announced that it will spin off its simple payment business division, 'SSG Pay,' to establish a new company called 'Platinum Payments.'
The effective date of the spin-off is July 1, and the newly established company will become a subsidiary of SSG.com simultaneously with the spin-off. SSG.com explained, "This corporate spin-off is a decision aimed at enhancing management efficiency by strengthening the expertise of our simple payment service and increasing its versatility."
The new company will serve as Shinsegae Group's specialized simple payment company, taking on the role of strengthening business partnerships with external parties and expanding its user base. SSG.com expects that by establishing an independent simple payment operator, it will be able to manage payment data and funds from customers and partners more securely, and also consider expanding value-added services.
An SSG.com representative stated, "We plan to operate the commerce and payment businesses separately to enhance expertise in each area," adding, "Through this, we will be able to better protect consumers and further enhance the value for our customers and partners."
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