- 7 billion Korean won investment in a fintech company, CHAI Corporation
- Successive investment to the previous year, implications for larger future business collaboration
- SK is the only SI investor among the distinguished participant companies of this round
- Investment has been executed in consideration of potential collaboration for SK group’s entry into the Southeast Asian market

SK networks (President: Sang Kyu Park) announced on December 23 that it has completed an investment of 7 billion Korean won (6 million US dollars) for the recent funding round of the global fintech company CHAI Corporation (“CHAI”) which aimed at raising 53 billion Korean won (45 million US dollars). This year’s 7 billion Korean won is a successive investment to 5 billion Korean won (4.3 million US dollars) made in July last year. The 7 billion investment is the greatest amount in this funding round except for the lead investor.

CHAI is a leading fintech company in Korea servicing the CHAI card, a pre-paid check card with gaming elements and I’mport, a B2B payment platform. I’mport is a B2B payment platform which offers electronic payment gateway services and payment functions for domestic and overseas transactions through one-time connection. CHAI’s services are implemented in about 2,200 companies including Nike Korea, Today’s House and Gentle Monster. CHAI plans to push I’mport into the global market based on this funding round.

SK networks seeks to position itself as an entrepreneurial investor and made its first investment on CHAI last year as part of building its global portfolio, looking at the possibility of CHAI’s payment market growth in Korea and Southeast Asia. Along with the growth seen from major Southeast Asian e-commerce companies such as Lazada, Tokopedia and Shopee, the electronic payment market in Asia is showing a sharp growing trend and it is judged that CHAI can preoccupy the Southeast Asia region in the absence of a front-runner. Also, CHAI received a high mark for its service area’s possible expansion into high value added business based on payment information in addition to years of e-commerce business capability development efforts.

SK networks plans to broaden the areas of collaboration such as common marketing promotion using marketing resources that CHAI has accumulated. Various models of cooperation will be sought to increase customer value by for example linking various customer events from Walkerhill, SK magic and SK rent-a-car with CHAI card.

One of the SK networks investment executives said, “We will pursue CHAI’s payment platform business be available to SK networks and its subsidiaries, and share marketing know-hows targeting the MZ generation to reinforce our relationship.”