T-Money and Kakao team up to establish new company to revitalize transportation and payment businesses - South Korea

T-Money, the issuer of the "T-Money" transportation card, announced that it has physically separated its mobility division and partnered with Kakao Mobility to establish a new corporation, T-Money Mobility.
T-Money Mobility is a mobility fintech (IT-based financial services) platform specialist company that aims to strengthen its competitiveness in the rapidly changing mobility market.
The two companies plan to revitalize public transportation-focused services. Meanwhile, Kakao Mobility will support the strengthening of public transportation and public service infrastructure through equity investment and cooperation.
It is hoped that this will inject vitality into Korea's mobility industry, including revitalizing tourism in conjunction with mobility services and discovering new services.
T-Money Mobility is a business venture that provides transportation and digital services to people who have difficulty accessing them.
The plan is to focus on revitalizing the mobility as a service (a service that uses IT to provide a variety of transportation methods in an integrated manner) business tailored to the region, cooperation with local governments, and coexistence with the transportation industry.
T-Money Mobility CEO Cho Dong Wook said, "We will become a fintech and platform company for mobility that connects and pays for services necessary for daily transportation."
is.