November 26, 2024

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Shin Ho-cheol, also known as Simon Shin, the vice president of Kakao Pay (Kakao Pay)

Shin Ho-cheol, the vice president of Kakao Pay also known as Simon Shin, has been appointed as a board member of the US brokerage firm Siebert Financial.

This appointment follows the online payment unit of South Korean tech giant Kakao Corp.'s recent announcement of its intention to acquire a majority stake of up to 51 percent in Siebert with a total investment of approximately $77.38 million.

Siebert, listed on the tech-heavy Nasdaq, offers a range of brokerage and financial advisory services, including securities brokerage, investment advisory, and insurance offerings.

Kakao Pay has purchased a 19.9 percent stake for $17.4 million on May 18. The remaining 31.1 percent will be acquired after getting approval from Siebert's shareholders and US regulatory authorities, according to Kakao Pay.

Currently, Shin serves as the head of Kakao Pay's payment business group and corporate development office.

Before joining Kakao Pay, he held various positions in different companies -- including Kakao Corp, Samsung Electronics, McKinsey & Company and Intel Corporation -- accumulating over 15 years of experience.

Shin is an IT professional who holds a bachelor's in electrical engineering from Seoul National University and a doctorate in electrical engineering from Stanford University.

Kakao Pay CEO Shin Won-keun said recently his company will step up its stock trading service and expand its global footing by launching a solution jointly with the US brokerage firm.

The new solution will combine Siebert's stock trading solution with Kakao Pay Securities' mobile trading service, the company said.

The Kakao Pay CEO also said that this solution could be sold to Southeast Asia and beyond through its local partners. The company also aims to launch the service in North America not just for Korean users but also for local investors.

Meanwhile, Siebert Financial has also appointed John J. Gebbia as the new CEO, who will also serve as the chairman of the board.

By Song Seung-hyun (ssh@heraldcorp.com)