Kakao Pay will use its IPO proceeds to speed up its global expansion, including in Southeast Asia, Europe and China, said CEO Alex Ryu at an online press conference last week. The company lowered about 6% of its targeted IPO to $1.3 billion from $1.63 billion in July.
Kakao Pay had to delay its listing twice this summer as the Financial Supervisory Service (FSS) asked Kakao Pay to cut its share price and valuation. The lawmakers also have expressed concerns regarding the growing power and valuation of tech companies in Korea. In September, local lawmakers accused the country’s Big Tech companies, including Kakao Pay’s parent company Kakao Corp, of monopoly issues. The gains for Kakao Bank came amid a crackdown on the country’s tech companies by South Korean regulators and politicians. Kakao Pay raised $1.3 billion (1.53 trillion won) at a $9.9 billion valuation, offering 17 million new shares in its initial public offering last week. Kakao Pay’s shares surged as high as $194.60 (230,000 won) on the KOSPI, up 155.6% from the issue price of $76.20 (90,000 won), the upper end of its IPO range. The Ant Financial-backed company ended day one of trading at $163.30 (193,000 won), securing a market capitalization of $21.2 billion. Telegram has become so popular that South Koreans are asking for a version in Korean.Shares in Kakao Pay, the fintech unit of South Korea’s largest messaging app operator Kakao Corp, closed up 114% in its market debut on Wednesday. "It is almost a magical property of cryptography that strong encryption on normal user devices cannot be broken from the most powerful agencies to the end of our solar system," says Weis.Īnd just like photo messaging app Snapchat, messages on Telegram can be programmed to self-destruct after a certain amount of time. Telegram has the "secret chat" tool which provides more security and offers end-to-end encryption - allowing only the messenger and recipient to read the messages. "The problem with some widely used social messenger sites is that all unencrypted messages can be wiretapped," Rüdiger Weis, IT professor at Beuth University of Applied Sciences in Berlin told DWĪlso, the NSA revelations increased awareness about encryption, he notes. This competition led several people to take an interest in Telegram. The two founders reportedly offered anyone who could hack their server $200,000 earlier this year. Pavel Durov, co-founder of Telegram Messenger Image: Getty Images
Telegram is so secure that it is considered "unhackable." Its founders, Nicolai and Pavel Durov, have even invited people to try and hack it. That is why they are moving to Telegram," he adds. "People are beginning to worry that their privacy might be breached due to this internet censorship. "Many people say that the South Korean government is not happy about the criticism, and that is why they are stepping up the censorship and the measures," says a Seoul-based journalist who wishes to remain unnamed. Kakao Talk lost 400,000 users, according to. Telegram became the most popular app in South Korea on October 1 when some 610,000 South Koreans dowloaded it. This comes after prosecutors vowed to clamp down on negative comments online about South Korean President Park Geun-hye, regarding her whereabouts when the Sewol Ferry sunk in April. "Telegram Messenger" (Telegram) rose rapidly on the most downloaded apps lists in South Korea after claims that the country's number one multi-platform texting app "Kakao Talk" disclosed user information to the government.
0 kommentar(er)
