Mirae Asset, IBK sign MOU to expand payment services

Mirae Asset Securities and Industrial Bank of Korea (IBK) signed an MOU to work together on various projects, including digitalization of transactions for small and medium-sized enterprises (SMEs), improving payment services for customers and joint research and searching for new businesses related to digitalization.

According to Mirae Asset and IBK, Mirae Asset Securities Chairman Choi Hyun-man and IBK CEO Yoon Jong-won recently signed the MOU and discussed directions for further cooperation.

They agreed that they can combine the core expertise of each, to provide more convenient payment services for small merchants and other consumers as well as enable customers to experience a variety of new financial services.

The brokerage plans to provide its simple payment services, including Mirae Asset PAY, for IBK’s wireless payment terminal system BOX POS. By digitalizing the transactions of SMEs and small merchants, they expect to enhance the convenience of customers both within the country and abroad. The securities company is also scheduled to continue providing diverse services for small merchants, including supporting cross-border e-commerce using the WeChat open platform mini program.

Mirae Asset launched Mirae Asset PAY, a simple payment service for iPhone using NFC technology back in 2021 October, and it has been providing WeChat Pay’s global simple payment service based on an official agreement with China’s Tencent after getting a license for a payment gateway business in December 2018. It was the first securities company here to be granted the license.

“With cooperation with IBK, which is at the forefront in supporting SMEs and small merchants trying to overcome the crisis, we plan to enhance convenience for small merchant and consumer payments,” Choi said.

“The two companies will provide customers with new experiences in investment, by launching new digital businesses that are based on the core expertise of each.”