Kakao Talk foreign-stock gifting will be enabled soon

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Kakao Talk foreign-stock gifting will be enabled soon

Published: 05 Apr. 2022, 17:03

Kakao Pay Securities co-CEO Kim Dae-hong, left, and Lee Seung-hyo [KAKAO PAY SECURITIES]

Later this year, Kakao Talk users will be able to send foreign shares to other Kakao Talk users within minutes.

Kakao Pay Securities, a subsidiary of Kakao Pay, said Tuesday it will offer the service to users of the messaging app.

After a user selects a stock and types in the amount they wish to purchase for someone else, equity worth that amount will be delivered as a gift to that person. The shares can be traded in decimal points.

The service will become available later in the second quarter.

No commissions will be charged, but a 0.25 percent fee will apply sometime after June.

"A similar service usually requires two to three days for a receiver to take ownership of the stock from the person that gave the stock," said Lee Seung-hyo, a co-CEO of Kakao Pay Securities at a press event held on Wednesday to celebrate the second anniversary of the company's establishment.

"Our service shortens the time to between 1 to 10 minutes. The service will enable people to easily give shares as a present to their friends for their birthday or anniversaries."

In the second half of the year, Kakao Talk users will also be able to check market prices and trade shares within Kakao Talk chat rooms through the linking of Kakao Talk and Kakao Pay Securities.

The company is formally introducing mobile trading system next week and expanding secured loan offerings in the second half.

The ultimate goal of Kakao Pay Securities is to "become a daily investment platform for the whole nation through its connection with Kakao platform," said Kakao Pay Securities co-CEO Kim Dae-hong.

The company added it is reviewing the possibility of arranging initial public offerings and developing real estate investment trusts.

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