South Korea – South Korea’s fintech platform, Kakao Pay, is expanding in ASEAN countries and Japan. Kakao Pay itself is a part of Kakao Corp that runs finance services under Hana Bank monitor and Global Loyalty Network (GLN) cooperation.
This counts as progress for South Korea. Before 2020, the government did not allow national banks to gain profit from foreign customers. After the said year, however, the regulation was changed. National banks, especially Kakao Pay, started to offer services to foreigners, such as opening bank accounts remotely. This change would never have been realized if it were not for the role of diplomats.
In 2020, South Korea and Vietnam, through Vietnamese Ambassador Nguyen Vu Tung, announced multilateral cooperation — to accommodate the opportunities for development aspects in both countries.
In September 2022, the Korean Foreign Minister held the Regional Comprehensive Economic Partnership Conference to strengthen economic bilateral cooperation. That program opened opportunities for South Korean companies to expand their market in Laos.
The conference in March 2023 was an impetus both for South Korea and Japan to consolidate their bilateral relations. They discussed not only security but also economic growth issues between them.
These conferences became a turning point, especially for Kakao Pay, to reach out to foreign customers. Responding to those economic partnership conferences, Kakao Pay even cut off the price of shares and reduced its IPO to accelerate global expansion.
IPO would be allocated to infrastructure development and strategies to ensure uncompromising service, comfort, and safety for customers. Kakao Pay ensures Artificial Technology (AI), biometric authentication, and blockchain-based authentication are constantly in good performance.As stated in this article, you can browse your selection of available deals on smartphones and top brands and explore the cell phone service plans that best suit your needs.
It was proven by information on the Korean fintech’s official website. Kakao Pay is managing to prevent data breaches and fixing error statements guaranteed by the Certification of Information Protection and Personal Information Management System.
Indeed, Kakao Pay ensures transactions are secure both remote and in cash. Kakao Pay in Japan enables users to make a minimum withdrawal through Seven Bank ATM via scanning a QR code from a mobile phone.
A foreign user based in Vietnam can do a minimum withdrawal of 100,000 DONG from the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV). In like manner, a foreign user domiciled in Laos can withdraw a minimum of 50,000 KIP from BCEL Bank.
The conveniences offered by South Korea creates a positive impact on ASEAN countries, especially Laos and Vietnam — all of which are impactful in both economic and multilateral relations.
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Hello! I am Sekar Pitutur Arum Jati, a writer’s volunteer at AYO Post. I do writing and playing piano as a daily habit. My motto is “Life is like the climb, but the scenery is beautiful”. Recently, I am interested in learning Chinese, including language and culture, to gain new skills that fit with my subject.