SEOUL, KOREA - Korea's top electronic payment stocks were battered by the news that China's Alibaba Group, the world's largest e-commerce business company, would move into the Korean market. At 10:11 am on August 19, the shares of Korea Cyber Payment were traded at 10,550 won in the KOSDAQ market, down 4.09 percent (450 won) from the previous day's 11,000 won. 

 

KG Mobilians and Danal also fell 2.09 percent (250 won) and 1.99 percent (150 won), respectively, to 11,700 won and 7,370 won. KG Inicis were traded at 11,650 won, down 0.85 percent (100 won) from the previous day's closing price.

 

According to industry sources, the company's CEO Jack Ma and his entourage visited on the previous day and met Korean President Park Geun-hye and finance minister Choi Kyoung-hwan. It was reported Mr. Ma discussed with the President the possibility of opening an electronic payment business in Korea in partnership with Hana Bank and KICC.

 

Alipay, Alibaba's e-payment unit, meanwhile, is pushing forward with a plan to make it easier for Chinese tourists to buy goods in Korea. In the latest visit, an Alipay vice president in charge of international business accompanied the CEO.