Kakao Pay Securities has more than 2 million accounts
More than two million accounts have been opened with Kakao Pay Securities since the new brokerage was established in February, the mobile securities firm said Monday.
Public funds were especially popular on Kakao Pay's stock platform, with more than 4.4 million fund purchases made.
Opened on Feb. 27, the brokerage firm said the number of accounts has increased by 27.8 percent a month.
Kakao Pay Securities notes that its customer demographics have been shifting toward older investors. In March, 70 percent of investors were under 40. Now, 34 percent are aged between 40 and 59.
The brokerage firm said an average of 220,000 investments are made daily, and 30 percent of account holders have invested in fund products.
Micro-scale investments are rapidly gaining popularity. In total, 690,000 applications for such investments were submitted to the brokerage firm this month, more than double the number in June.
"Despite starting our business against economic uncertainties from the coronavirus, we were able to position ourselves as a platform-based securities firm that helps to promote fund investments as customers responded well to our products," said Lee Sang-won, a Kakao Pay Securities executive.
Kakao Pay will offer cash rewards for new investors in its micro-scale investment service until the end of the month. Kakao Pay gives cash rewards for any transaction made through its payment system which can be invested into funds from Kakao Pay Securities. The reward can be earned a maximum of 30 times per customer.
"We will continue to come up with investment products that can help customers manage their assets in a fun and entertaining way," Lee said.
BY KANG JAE-EUN [firstname.lastname@example.org]