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Kakao to set up social fund worth US$ 250 million, reform biz practices
Updated: 2021-09-14 17:04:03 KST
The South Korean tech platform giant Kakao has pledged 300 billion Korean won, or about 250 million dollars to help small businesses and vowed to get out of businesses that compete with mom-and-pop shops.
Kakao Chairman Kim Bum-soo said Tuesday that the fund will be established in the next five years and that his family-run investment advisory business K Cube Holdings will be turned into a social enterprise.
K Cube owns about 10-and-a-half percent of Kakao, and is currently the subject of a regulatory probe.
Also, the Kakao affiliate under the most public scrutiny for allegedly hurting mom-and-pop businesses, Kakao Mobility, will stop some services, such as delivering flowers and snacks.
Kakao Taxi will end a service called Smart Call that let users hail a cab faster for a fee.
And for designated drivers, Kakao will lower its commission for arranging rides.
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