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Kakao Talk Gets Investment From Firm Ant Financial

By March 14, 2017 at 4:03 am
Kakao Talk gets investment from firm Ant Financial (Photo : Seong Joon Cho/Bloomberg via Getty Images)

Kakao Talk is on a roll this year as it has been confirmed that the chat app has received a huge investment from Ant Financial. The app, which is the most popular messaging app in South Korea, has managed to get $200 million worth of investments from the Chinese financial firm. This investment capital will be used by the South Korean tech company to develop one of its upcoming products that will be integrated with the Kakao Talk chat interface.

According to Payment Week, Kakao Pay, which is planned for release either late this year or early next year, will be benefitting greatly from Ant Financial's investment. The financial interface will not only serve as a payment center for the 50 million users of the app bundle but it seems that the company is also aiming for it to become a completely online bank, with features that include large purchase financing and lending.

Ant Financial's investment in Kakao is its first foray into South Korea. In its aim to become a global enterprise, it has put in capital in tech and financial companies like AscendMoney, Mynt, M-Daq and PayTM from different parts of Asia. The Chinese firm also acquired global rights of MoneyGram for $880 million, a move widely seen as an aggressive push to enter the American market to avoid being affected by "the ups and downs of the Chinese economy."

This latest Kakao Talk news comes a few weeks after the app revealed that it will be keeping a whole line of notification sounds called "Obama Talk," inspired by former U.S. president Barack Obama. According to Korea Biz Wire, the notification sounds, which were lifted from a lecture speech by the world leader in Hankuk University of Foreign Studies in 2012, feature Obama saying "Kakao Talk."

Watch Barack Obama's 2012 university speech in Hankuk in the video below.

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