Although it is now suspended, China’s Ant Group (formerly Ant Financial) was expected to break the world’s largest initial public offering (IPO) record when it pushed for listing last year. The beginning of Ant Group is Alipay, which helped payment services in Taobao, Alibaba’s e-commerce platform. As Alipay’s market share in the simple payment market has grown rapidly, Ant Group has a variety of affiliates. Personal credit rating agency “Tzuma Credit,” Money Market Fund (MMF) ” Webao,” asset management platform ” Zhao Chaibao,” Internet bank ” MyBank,” fund sales platform ” Ant Fortune,” and small loan service ” Myhwa Bay.”. In other words, a powerful platform called Alipay has created the status of a mega financial group.
In Korea, Kakao and Toss have established financial affiliates one after another, growing into platform-based financial groups. Toss Bank, an affiliate of Toss, obtained approval for the third Internet bank in Korea on the 9th, and Kakao Damage Insurance, affiliated with Kakao, received preliminary approval for the insurance industry on the 10th. Kakao and Toss have become virtually a financial group with major affiliates of the financial industry, including banks, securities, and insurance. The competitiveness of those who have grown enough to threaten existing financial groups beyond fintech also has something in common that they have strong platforms called KakaoTalk and Toss, respectively, like Ant Group’s Alipay, but there are some differences in the way competitiveness is implemented.
Kakao is maximizing the competitiveness of individual companies with its ‘separate and together’strategy. Kakao is an information and communication technology (ICT) company centered on KakaoTalk, a national messenger, but its affiliates should develop their own self-sustaining power first. Kakao has established Kakao Bank, Kakao Pay, Kakao Pay Securities, Kakao Investment, and Kakao Ventures as financial affiliates. Like Kakao Bank, it chose a standard method of obtaining a license and invested in areas that require a license if necessary, such as Kakao Pay Securities, which acquired an existing company. Its own growing affiliates are pushing for IPO one after another.
Kakao Sonbo is also on the extension. The insurance industry was relatively slow to digitize and had fewer changes in product composition compared to other financial sectors. Meanwhile, consumer needs have diversified and Kakao has dug into this gap. “Do It Yourself”, 비대면폰테크 platform-linked insurance, bike and agent insurance, and e-commerce return insurance, which Kakao Damage Insurance announced in its business plan, are areas that generate new demand. Innovative technologies such as simple subscription using KakaoTalk and Kakao Pay, compensation claims through platforms, and insurance review using artificial intelligence (AI) will also be introduced.
Toss, which started with FinTech and has grown the face of the financial group, emphasizes the ‘Toss ecosystem’. Only 2,000 of Toss, the eldest brother, plans to share the fruits of growth based on customers. The company has separated it, but the platform uses the “One App” method to share existing Toss applications. It will also have a “free stock”effect, but analysts say that the reason why Toss Securities surpassed 3 million accounts within three months of its launch is largely due to the transfer of many existing Toss customers