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Photo = Shinsegae |
[Alpha Biz= Paul Lee] Seoul, South Korea – May 23, 2025 – SSG.COM, the e-commerce arm of Shinsegae Group, announced today that it will spin off its mobile payment division, SSG Pay, to establish a new subsidiary named Platinum Payments. The new entity will officially launch on July 1, at which point it will become a subsidiary of SSG.COM. Through this move, the company will be a grandchild entity of E-Mart, which holds SSG.COM as a subsidiary.
The company stated that the split aims to enhance the specialization and scalability of its payment services while improving operational efficiency. By separating the fintech business from its core commerce operations, SSG.COM expects to better manage transaction data and funds, as well as accelerate customer acquisition by expanding its suite of financial services.
“This strategic move allows us to heighten the professionalism of each business sector by operating commerce and payments independently,” an SSG.COM official commented.
Industry observers speculate that the move may be a prelude to a potential sale of SSG Pay, as part of Shinsegae Group’s broader effort to streamline operations and improve its financial structure through asset sales. Sources say Kakao Pay has shown interest in acquiring SSG Pay alongside SmilePay, the payment service for Gmarket and Auction. Combined, the two services have a user base of approximately 25 million, and the potential deal is rumored to be valued at around ₩500 billion (approx. USD 370 million).
A Shinsegae Group representative noted:
“We are exploring various options, but no decision has been finalized.”
Kakao Pay declined to comment on the matter.
Previously, Shinsegae had attempted to sell both SSG Pay and SmilePay to fintech firm Toss, but the deal reportedly fell through at the final stage due to disagreements on terms. That transaction was estimated at around ₩700 billion.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
