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Mirae Asset to facilitate WeChat Pay transactions

June 21,2019
Mirae Asset Daewoo, the country’s largest brokerage, will start facilitating consumer transactions by acting as a middle man between banks and retailers through its new payment gateway.

Its entry into the new business segment will be carried out in cooperation with Tencent, China’s internet giant holding digital payment platform WeChat Pay, according to the securities company on Thursday.

Mirae said that it will help WeChat Pay users from China make mobile financial transactions in Korea. If things go as planned, the joint service will be online as early as August.

The move marks the first time a local brokerage has entered the payment gateway business. Brokerages were banned from entering the business until the end of 2018 when the Financial Services Commission lifted the restriction.

By Park Eun-jee