Kakao’s Environmental, Social, and Governance Committee will oversee how the firms have managed the fund.įor some 5 million small business owners who have been battered by the coronavirus pandemic, Kakao will pump 100 billion won to help them connect with more consumers.

Hong said Kakao and nine major affiliates including Kakao Pay, Kakao Bank, Kakao Entertainment, Kakao Games and Kakao Impact has already allocated the fund in this year’s business plan. Our goal is to use the fund in what we do best – to help digitalization and those in need,” said Hong Eun-taek, co-head of Kakao Corporate Alignment Center.

“Kakao’s growth strategy is anchored on sustainability of both the company and society. The plan is to contribute to building a more inclusive society. In the face of political criticism that the platform company is taking away customers from community-based small business owners, the company said it would spend 300 billion won for the next five years to support small businesses and digital content creators. Kim said Kakao Entertainment will also create content using intellectual property of K-pop artists including Monsta X, Ive and The Boys. It is also looking to partner with Wuxiaworld, a Hong Kong-based web novel platform.īy 2024, the company plans to achieve 500 billion won ($410 million) of transaction volume in the US market. In order to expand its footprint in North America, Kakao Entertainment looks to create synergy with the firm’s recently acquired US webtoon platforms Tapas and Radish. In Japan, the company will start new businesses in games, metaverse and non-fungible tokens. Kakao Piccoma, Kakao’s online webtoon platform in Japan, recently launched a webtoon service in France and looks to penetrate other European countries. By 2025, we plan to increase overseas revenue to account for 30 percent of total sales, compared to the current 10 percent,” said Kim Sung-su, co-head of Kakao’s corporate alignment center. “The 56 overseas branches aim to boost their sales revenue by 40 percent this year. South Korean IT platform giant Kakao will expand its overseas revenue by 30 percent in the next three years to diversify its heavily domestic business-reliant income source, the company said on Wednesday.

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