Coupang creates a fintech subsidiary

Kyung In-tae

Coupang on Wednesday established Coupang Pay, a fintech subsidiary expected to offer payment services in the first half.

The e-commerce company separated its Coupay fintech business into a separate unit with the hope of offering innovative fintech services to a broader range of customers and enhancing the experience for existing Coupay customers, said Coupang.

Coupay has 10 million registered users. It is known for the so-called one-touch payment system, which enables users to purchase products without having to enter a password or scan their fingerprint.

The subsidiary will be led by Kyung In-tae, a Coupang senior director who headed Coupang’s fintech business. Kyung has been in charge of easy payment system technology at Coupang since 2014.

Kyung studied computer engineering at Chung-Ang University.

“The new fintech company will offer more convenient and innovative financial services and evolve from an easy payment service into a comprehensive fintech platform for our customers,” Kyung said. He added, “We will launch unique and differentiated fintech services to create a world where people ask, ‘How did I ever live without Coupang?’”

On the same day, Coupang introduced a fashion platform where items from various premium brands are sold.

BY JIN MIN-JE [jin.minji@joongang.co.kr]