SEOUL, Feb. 21 (Xinhua) -- Kakao Pay, a mobile payment services unit of the Republic of Korea's (ROK) messaging platform giant Kakao, has won an investment of 200 million U.S. dollars from Ant Financial Services Group, the mobile payment affiliate of Alibaba Group.
The investment was part of a strategic partnership which the Republic of Korea’s mobile giant has struck with Ant Financial, Kakao said in a statement.
Kakao decided in January to spin off the Kakao Pay, which has about 14 million subscribers as of February, into a separate entity. Kakao is known for its Kakao Talk mobile messenger platform that has around 48 million users.
The company said it gained an opportunity for its growth and mobile financing innovation through the partnership with Ant Financial, of which Alipay has over 450 million users across the globe.
Under the partnership, subscribers of the Kakao Pay and Alipay will be allowed to make mobile payments through both systems.
Ryu Young-joon, chief executive-elect of the Kakao Pay, said that the combination of Kakao platform capabilities with Ant Financial's numerous networks in finance, commerce and services as well as Alipay will be able to provide more effective and convenient services for both users and businesses. Enditem
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