Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Kakao Pay CEO to serve another term
Kakao Pay CEO Shin Won-keun speaks during a press conference in Seoul on May 15, 2023. Yonhap
By Anna J. Park
Raising profitability of brokerage subsidiary among Shin's next task
Kakao Pay CEO Shin Won-keun is to serve another two-year-term as the chief of the mobile payment company, the company announced Tuesday.
Shin's reappointment was confirmed at the company's regular shareholders' meeting, Monday.
Kakao Pay said the firm expects Shin's ample experience and deep understanding of subsidiary businesses accumulated while serving as CEO would help him to strengthen the linkage between Kakao Pay and its subsidiaries, leading the company to become the leading lifestyle financial platform in the country.
"Shin has not only spearheaded the robust growth of Kakao Pay but also facilitated the expansion of its subsidiaries, such as Kakao Pay Insurance and Kakao Pay Securities, while effectively implementing responsible management practice," Kakao Pay said.
Since taking office as CEO in March 2022, Shin has worked on refining the firm's business models, focusing on the most frequently used functions, such as mobile payment and remittance services. He is also favorably evaluated for having established a lucrative financial platform structure for the firm that connects a range of financial areas, including loan, investment and insurance services.
Under his leadership, Kakao Pay achieved annual profitability for two consecutive years on separate financial statements. He has also led environmental, social and governance (ESG) initiatives by establishing the first ESG committee under the board of directors in the digital financial industry.
Kakao Pay CEO Shin Won-keun / Courtesy of Kakao Pay
Shin's next task is to sustain the current growth of Kakao Pay, particularly the growth of its subsidiaries in the insurance and securities sectors.
Kakao Pay Insurance has rapidly increased its subscriber base by introducing overseas travel insurance products. The digital insurer also launched other much sought-after services like mobile phone insurance and driver's insurance products.
Yet, Kakao Pay Securities still has more to prove its profitability, as it suffers from annual losses. The online brokerage company recorded an annual net loss of 51.7 billion won ($38.5 million), surpassing the previous year's net loss of 48 billion won logged in 2022.
"As Kakao Pay evolves into a national lifestyle financial platform, I feel a heavy sense of responsibility to once again take on the role of CEO. While smoothly executing the firm's business plans according to its growth strategy, I will put my utmost efforts into achieving the vision that Kakao Pay contributes to enhancing users' financial lives," Shin said.