Shinsegae Group has been discussing a strategic partnership with Kakao Pay in the field of simple payment services, but announced on the 17th that it has suspended the discussions considering the strategic direction changes of each company.
Previously, Shinsegae Group had been pursuing the sale of its simple payment platforms SSG Pay and Smile Pay to Kakao Pay.
Shinsegae noted, "While there was no disagreement on key conditions such as corporate valuation, we mutually agreed to end discussions about collaboration due to recent changes in Kakao Group's strategic priorities regarding investment."
Shinsegae Group plans to strengthen its expertise in the simple payment business, provide stable services for independent growth, and enhance competitiveness in the commerce and pay sectors.