Mirae Asset Daewoo said on June 20 that it has completed the registration of its Payment Gateway (PG) business for the first time among South Korean brokerage houses on June 19. It has become the first among Korean brokerage houses to enter the PG industry.
In the meantime, a financial company, PG, was needed to forge business partnerships with overseas simplified payment companies in China. However, since securities companies were not allowed to engage in PG business before the law was revised, it was impossible to form business partnerships with overseas simplified payment companies.
The brokerage house's PG business combination became possible last December when the Financial Services Commission approved a revision to regulations on the financial investment industry.
With the latest registration of the PG business, Mirae Asset Daewoo will be able to form business partnerships with overseas simple payment companies. It will also be able to enter the global simple payment market in earnest.
Mirae Asset Daewoo is planning to speed up the introduction of its overseas simple payment service.
Currently, the brokerage is discussing the signing of an official agreement with Tencent, China, to introduce a foreign simple payment service. It is a service that allows Chinese visitors to use simple payments at Korean franchises through WeChat Pay.
WeChat Pay is a payment tool that has become common in China. The industry believes the more Chinese tourists visit Korea, the greater the number of services they use.
"After signing an official agreement with Tencent of China, we are planning to open our service in August and September," said a representative for Mirae Asset Daewoo.