Kakao Pay applies for an insurance license

Kakao Pay said Monday that it has applied to the Financial Services Commission for a license to become an insurer.

Kakao's digital payment subsidiary has been offering insurance products through a general agency it acquired in July 2019. General agencies sell insurance products offered by insurers.

Once Kakao Pay establishes an insurance company, it can develop and offer its own products.

The company plans to complete establishment by the latter half of this year.

It said it will pursue innovation in insurance products to meet consumer needs in the fast-changing living environment. It also said it plans to develop products linked with services offered by other Kakao companies.

Kakao Pay's insurance company will offer online services only.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]