Kakao Pay Securities said on the 25th that it met with executives from Siebert Financial, an American investment financial corporation, at its offices in Pangyo and Yeouido from the 20th to the 21st to discuss collaboration plans.
Siebert is a Nasdaq-listed comprehensive financial company established in New York in 1967. Through its subsidiaries, it offers a variety of financial services targeting individual and institutional investors, including trading of securities, investment advisory, asset management, and operation of corporate stock compensation plans.
This meeting was held as part of the discussions to establish a strategic partnership encompassing platform, technology, and digital finance.
The two-day meeting included David Gebbia, the senior executive and largest shareholder of the Siebert family, as well as Shin Won-geun, the representative of Kakao Pay, and Shin Ho-cheol, the representative of Kakao Pay Securities, among the key executives from both companies.
The two companies discussed various cooperation measures, including ▲expansion of overseas stock brokerage services and product areas, such as orders, liquidation, and options trading, ▲optimization of AI-based investment information and trading experience, and ▲joint development of next-generation financial infrastructure related to digital assets.
Kakao Pay Securities plans to leverage Siebert's global network and financial infrastructure as a launch pad to broaden its collaboration scope for targeting overseas markets. In particular, it aims to effectively respond to the growing demand for overseas stock investment among domestic investors and enhance overseas stock brokerage services in collaboration with Siebert to provide a stable transaction environment.
Shin Ho-cheol, the representative of Kakao Pay Securities, said, "We will continue to collaborate so that both companies can provide a more innovative and trustworthy financial experience to customers."
Meanwhile, Kakao Pay announced a plan to acquire a 51% stake in Siebert in April 2023. At that time, the acquisition fell through due to internal and external adverse factors, such as allegations of stock price manipulation involving SM Entertainment under the Kakao Group, but Kakao Pay has maintained its partnership with Siebert through its secured 19.9% equity and board participation rights.