Kakao Pay Omits Value-Added Telecommunications Business Registration "Staff Error"
[Asia Economy Reporter Bu Aeri] It has been confirmed that Kakao Pay belatedly applied for registration as a value-added telecommunications business operator with the Ministry of Science and ICT.
A Kakao Pay official stated on the 3rd, "We recently became aware that we had not registered as a value-added telecommunications business operator with the Ministry of Science and ICT and completed the registration as of the 2nd."
Kakao Pay has been operating without registration since it spun off from Kakao in April 2017 and was established as an independent corporation.
Value-added telecommunications business operators are businesses that provide services using information and communication networks such as the internet and are required to report to the Ministry of Science and ICT.
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Kakao Pay explained, "All registrations necessary for electronic financial business are in place," adding, "One of the additional reporting requirements was omitted due to a mistake by the person in charge."
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