[THE INVESTOR] Electronic payment company KG Inicis has signed a partnership agreement with PayEase, a Chinese company that provides payment platform for international enterprises, it announced on July 22.

Through the partnership, KG Inicis will let local customers pay with credit cards or bank transfer in Korean won at PayEase’s Chinese or global clients. PayEase customers can pay in Chinese yuan at KG’s clients in Korea. 

PayEase is a state-owned company whose estimated transactions last year amounted to 16 trillion won. Its clients include international enterprises such as Amazon and Hewlett-Packard as well as major local firms including China Telecom, CCTV and Beijing University, and is the exclusive service provider for Apple’s iTunes and Apple Pay.

“Both companies will strengthen the synergy in cross-border transaction area,” KG Inicis said, adding that it is “seeking more business opportunities such as setting up an e-commerce site similar to TradeEase, a cross-border B2B website between China and Russia managed by PayEase.”

KG Inicis already has partnerships with Alipay, Pay Pal and Tencent.

By Hwang You-mee (glamazon@heraldcorp.com)