Kakao Pay Securities’ next CEO vows to strengthen new biz
Shin Ho-cheol, head of Kakao Pay’s business development, has been nominated to become Kakao Pay Securities’ new
CEO as of next month, the brokerage arm of the big tech group announced.
Shin is to officially begin his term after earning approval at a regular shareholders’ meeting slated for March 27.
“The appointee’s expertise in leading new business development and corporate investment capabilities, as well as his deep understanding of IT and platform businesses, are expected to contribute to the company’s new growth momentum by expanding differentiated services and user experiences in the securities business,” Kakao Pay Securities said.
Shin joined Kakao Pay in April 2022 to lead the payment firm’s business development strategies. He has been focusing on enhancing corporate value and exploring business partners, as he led both shortand medium-term investments as well as strategic M&A partnerships.
Specifically, he also developed various new businesses and partnerships for business expansion, including the firm’s purchase of a 19.9 percent stake in Siebert, a U.S.-based stock brokerage company.
Before joining Kakao Pay, Shin worked at Kakao, the parent company of Kakao Pay, supporting the tech giant’s major strategic planning and decision-making for business growth opportunities. He also previously worked at Naver, Intel, McKinsey & Company and Samsung
Electronics.
Born in 1977, he studied electrical engineering at Seoul National University. He went on to earn a doctorate Ph.D. degree in electrical engineering at Stanford University, where he also earned a master’s degree in Management Science & Engineering.
“I will attempt to achieve the turnaround of Kakao Pay Securities by focusing on providing differentiated services, while leveraging its status as the first tech-financial securities company in the country,” Shin said.
Kakao Pay Securities posted an annual loss of 51.6 billion won ($38.7 million) for last year.