Mirae Asset to facilitate WeChat Pay transactions

Home > Business > Finance

print dictionary print

Mirae Asset to facilitate WeChat Pay transactions

Mirae Asset Daewoo, the country’s largest brokerage, will start facilitating consumer transactions by acting as a middle man between banks and retailers through its new payment gateway.

Its entry into the new business segment will be carried out in cooperation with Tencent, China’s internet giant holding digital payment platform WeChat Pay, according to the securities company on Thursday.

Mirae said that it will help WeChat Pay users from China make mobile financial transactions in Korea. If things go as planned, the joint service will be online as early as August.

The move marks the first time a local brokerage has entered the payment gateway business. Brokerages were banned from entering the business until the end of 2018 when the Financial Services Commission lifted the restriction.

By Park Eun-jee

More in Finance

Jump in Covid-19 cases ends Kospi winning streak

Fintech convention held virtually this year

Seoul stocks inch up amid hopes of economic recovery

Kakao, Samsung Fire & Marine joint venture falls apart

Mirae Asset hit with big fine for antitrust violations

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now