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Kakao aims to tap overseas market via blockchain tech

All Headlines 13:25 March 27, 2018

SEOUL, March 27 (Yonhap) -- South Korea's top mobile messenger operator Kakao Corp. said Tuesday it will tap deeper into overseas markets and expand its services covering the blockchain technology.

Joh Su-yong, co-CEO of the company, said Kakao has added a variety of information and technology services beyond mobile messaging in recent years. KakaoTalk is the No. 1 messenger app in South Korea.

"Now at Kakao 3.0, we will continue to explore our growth potential by seamlessly integrating services among Kakao companies and actively building presence in the global market," Joh said in a news conference in Seoul, along with co-CEO Yeo Min-soo as the company announced the business vision named "Kakao 3.0."

Under the vision, Kakao said it plans to "maximize synergy through an integration of Kakao services centering on KakaoTalk."

Since its release in 2010, KakaoTalk has been offering various new services, including games and financial transactions, on the back of its growing number of users.

Kakao said it especially plans to tap overseas markets through its intellectual properties in music, cartoons, games and videos.

"Armed with the quality digital content, Kakao will expand beyond its strategic market, Japan, into China and Southeast Asia," the company said.

The IT firm also vowed to tap deeper into the blockchain industry down the road.

"Ground X, Kakao's newly established subsidiary specializing in blockchain, will explore the technology with the goal of taking the technological leadership in Asia," the company said.

"To do so, Ground X will open its blockchain platform to the public, explore ways to leverage R&D and investment to ensure further growth, and offer new blockchain-based services combined with Kakao's existing services," it added.

Kakao said it aims to vitalize the community of developers to beef up its blockchain businesses, including providing education opportunities and hosting conferences.

"Bearing in mind that the global IT paradigm is changing at a breakneck speed these days, we will work tirelessly to introduce services that meet the needs of our users by pioneering new technologies in the age of Internet and mobility, as we have always been a trailblazer in this market," Yeo said.

Kakao aims to tap overseas market via blockchain tech - 1


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