Kakao Pay has resumed talks with US brokerage Siebert Financial as it seeks to expand abroad.
The South Korean mobile payment service said Monday that Siebert executives visited its offices in Pangyo, Gyeonggi Province, and Yeouido, Seoul, last week for meetings with its brokerage arm, Kakao Pay Securities.
David Gebbia, principal at Siebert, met with Kakao Pay Securities executives, including CEO Shin Ho-cheol, to discuss potential strategic partnerships in platform services, technology and digital finance.
Talks centered on expanding brokerage services and product offerings, advancing the use of artificial intelligence in investment data, improving user experience, and jointly developing next-generation financial infrastructure for digital assets.
“Kakao Pay aims to leverage Siebert’s global network to accelerate its overseas push and enhance cross-border stock trading services for domestic customers,” a company official said.
The partnership regained momentum a year and a half after the companies agreed to shelve discussions in November 2023 amid heightened regulatory risks surrounding Kakao, the South Korean firm’s parent. Kakao came under scrutiny over alleged stock manipulation that led to the arrest of its founder, Kim Beom-su.
At the time, Siebert had filed with the US Securities and Exchange Commission to terminate an agreement for Kakao Pay’s additional share purchase, which would have raised its stake to 51 percent, making it the controlling shareholder.
Still, ties between the two firms remained intact. Shin has sat on Siebert’s board since June 2023, while Kakao Pay continues to hold about a 20 percent stake in the New York-based brokerage.
jwc@heraldcorp.com
