Ex-Toss Bank CEO joins Kakao as company moves to drive innovation

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Ex-Toss Bank CEO joins Kakao as company moves to drive innovation

Former Toss Bank CEO Hong Min-taek [TOSS BANK]

Former Toss Bank CEO Hong Min-taek [TOSS BANK]

 
Former Toss Bank CEO Hong Min-taek joined Kakao on Tuesday after completing his three-year tenure at his former company in March last year.
 
Hong — who was the youngest head of Toss Bank — will not be involved in any finance-related businesses, including its financial services Kakao Bank and Kakao Pay, but will instead focus on driving innovation in service development, a Kakao official said.
 

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His official title and specific role have yet to be determined.
 
Hong, born in 1982, studied industrial engineering at KAIST before working as a consultant at IBM and Deloitte. He joined Samsung Electronics in 2014, where he contributed to the development of Samsung Pay.
 
In 2017, he joined Viva Republica, which operates Toss, and led the banking division. He was appointed CEO of Toss Bank in 2020 and served in the role until March 2024.
 
During his tenure, Toss Bank launched a fixed deposit product in 2023 that offered interest up front. Within just 170 days of its release, the product reached 200,000 cumulative accounts, 4 trillion won ($2.7 billion) in deposits and 63 billion won in total interest payouts.
 
 

BY WOO JI-WON [[email protected]]
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