Good morning, good evening. Thank you all for joining this conference call. Now we will begin the conference of the fiscal year 2023, 2Q earnings results by Kakao Pay. This conference will start with a presentation, followed by a divisional Q&A session. If you have a question, please press star one, that is star and one on your phone during the Q&A. Now, we shall commence the presentation on the fiscal year 2023, 2Q earnings results by Kakao Pay. Hello, this is CEO Allen. I would like to thank our fund managers and analysts for joining Kakao Pay's Q2 2023 earnings conference call. I will begin with key metrics for Q2 '23, then move on to TPV, consolidated operating revenue and expense, P&L, and then we'll end with key performance highlights. First is on the key metrics for Q2 '23. Q2 '23 TPV was up 18% on year, reaching KRW 34.2 trillion. Revenue TPV was up 19% on year to KRW 9.9 trillion, nearing KRW 10 trillion mark on a quarterly basis for revenue TPV. Q2 revenue was up 11% year-on-year, reporting KRW 148.9 billion, while Q2 '23 net loss was KRW 6.2 billion, EBITDA reported negative KRW 4.7 billion. Next on key business metrics. Q2 2023 MAU of Kakao Pay broke 24 million mark, reaching 24,250,000 users. Transaction per user was up 4% on year to 104 transactions. Next, I would invite Aiden, our CFO, who will walk through Q2 TPV. Hello, this is CFO Aiden. Q2 TPV was KRW 34.2 trillion, up 18% year-over-year. Revenue TPV expanded to KRW 10 trillion level, accounting for 29% of total TPV. Q2 TPV saw a double-digit growth year-over-year across all of its service segments. Payment TPV posted a growth of 18% year-over-year. Thanks to our strategy of focusing on segments that gained benefit on the back of the pandemic, we saw offline and cross-border TPV share continue to uptrend every quarter, bringing a shift to the breakdown of payment TPV, which previously was heavily skewed towards online payments. For financial services, driven by diversification of loan products offered, we hit a record high loan volume, posting a 23% year-over-year growth increase. For the Kakao Pay Money balance, performance achieved was quite meaningful. On the back of growth in stock trading volume and promotions for deposit interest at Kakao, Kakao Pay Money balance for the first time broke KRW 1 trillion mark. With the increase in users who have the Kakao Pay Money balance, and as the outstanding balance amount increase, we expect Kakao Pay traffic supported by Kakao Pay Money will only continue to grow. Q2 revenue was up 11% year-on-year, and 5.2% versus the previous quarter, reaching KRW 1,489 billion. 결제 서비스에서는 해외 결제와 오프라인 결제가 전년 동기 대비 10.3%의 성장을 견인했으며, 특히 해외 결제가 전년 동기 대비 90.2%의 매출 증가를 보이며, 결제 서비스 내 매출 비중은 처음으로 두 자릿수를 기록했습니다. 하반기에도 해외 결제처와 코로나 회복 업종에서의 거래액 증가로 매출 성장은 이어질 전망입니다. Q2 revenue was up 11% year-over-year and 5.2% quarter-over-quarter to KRW 148.9 billion. For payment, cross-border and offline payment drove year-over-year growth of 15.3%. In particular, cross-border payments reported 90.2% year-over-year growth, with its share growing to double digits for the first time against the total payment service revenue. We expect higher TPV in the second half from broader base of overseas merchants and sectors benefiting from COVID recovery, which in turn is expected to drive up top line revenue. 금융 서비스는 전년 동기 대비 삼점오 퍼센트, 직전 분기 대비 십이점삼 퍼센트 증가했습니다. 대출 서비스의 신규 라인업이 확대되며, 대출 중개 거래액이 늘었고, 주식 거래액 또한 앞선 분기들 대비 큰 폭으로 증가하며, 금융 플랫폼으로서의 역량을 입증하고 있습니다. MTS 서비스는 매출 기여 잠재력이 충분한 서비스로, 이번 분기에는 해외 주식 거래 수수료의 전략적 인하로 매출 기여도는 높지 않았으나, 상품 측면에 진입한 주식 거래 대금이 추이를 통해 매출 증가를 기대하고 있습니다. 기타 서비스는 내계좌 수수료 무료 정책 시행으로 전년 동기 대비 수익은 십점오 퍼센트 감소했었지만, 장기적 관점에서는 실제로 유저의 카카오페이 머니 잔고가 증가함으로써 금융 수익에 기여하는 모습입니다. Financial services was up 3.5% year-over-year. 12.3% Q1Q. With new product lineup, there was an increase in loan referral volume, and stock trade volume showed a steep increase versus the previous quarters, attesting to our capacity as a financial platform. MTS is a service that has sufficient potential in making revenue contributions. In Q2, its contribution wasn't high due to our strategic decision to lower overseas transaction margin, but we are looking forward to top line growth supported by the trading volume trend, which has now entered an upcycle. With the adoption of free money transfer service to my account, other services revenue dipped 10.5% year-over-year. However, from a longer term perspective, we are seeing signs of contributions made to financial revenue underpinned by rise in, in Kakao Pay Money. 2분기 영업비용은 전년 동기 대비 십점일 퍼센트, 직전 분기 대비 사점오 퍼센트 증가한 천육백십사억원입니다. 전년 동기 대비로는 결제 매출 규모가 커지며, 이에 따른 수수료 등으로 지급 수수료가 십구점이 퍼센트 증가했으며, 인건비는 전년과 유사한 수준으로 관리되고 있습니다. 직전 분기 대비로는 오프라인과 해외 결제 프로모션 등으로 광고 선전비가 십삼점삼 퍼센트 증가되었으며, 해외 증권 예탁금 잔고에 따른 이자 비용 등으로 기타 비용이 십팔점사 퍼센트 증가되었습니다. Q2 operating expense was up 10.1% year-on-year, and 4.5% quarter-on-quarter to KRW 161.4 billion. On a year-on-year basis, payment revenue expanded, driving up commissions paid by 19.2%, while labor cost was kept flat year-on-year. On the back of offline and cross-border payment promotions, AMP expense was up 13.3% Q1Q, and owing to the rise in interest expense from increases in Kakao Pay account money balance, other expense was up 18.4% quarter-on-quarter. 2분기 연결 기준의 영업 손실은 백이십육억원, 당기순 손실은 육십이억원을 기록했습니다. 영업비용의 증가폭을 매출 상승폭 대비 감소시킴에 따라, 영업 순수율은 지난 분기보다 축소되었습니다. 보수적 비용 집행 구조는 하반기에도 유지하되, 사용자 혜택 증대의 시스템 안정화, 기술 개발을 위한 투자는 전략적으로 추진하고자 합니다. 하반기에는 본업의 흑자 구조를 바탕으로 자회사들의 매출 개선으로 연결 기준 적자 규모를 감소시키는 노력을 계속할 예정입니다. Q2 consolidated operating loss was KRW 12.6 billion, while net loss recorded KRW 6.2 billion. As we control the rise in OPEX to be kept below the increases in revenue, operating loss ratio fell on a Q1Q basis. We will continue with a conservative stance when it comes to expenses in the second half of the year, while being strategic in making investments for technology development and system stabilization to provide greater user benefits. In the second half, underpinned by a structure of profit making from our core businesses, we will enhance revenue from subsidiaries and endeavor to downsize losses on a consolidated basis. 2분기 별도 기준 매출액은 전년 동기 대비 십일점삼 퍼센트, 직전 분기 대비 오점오 퍼센트 증가한 천삼백오십구억원을 기록했습니다. 2분기 별도 기준 영업이익은 백일억원으로, 영업이익률은 칠점사 퍼센트입니다. 다음으로 2분기 주요 성과에 대해 백승준 사업총괄 부사장이 이어서 설명해 주시겠습니다. Q2 standalone revenue was up 11.3% on year, 5.5% Q1Q, reaching KRW 135.9 billion. Q2 separate basis operating profit was KRW 10.1 billion, with OP margin at 7.4%. Next, I will invite Jason, Head of Business at Kakao Pay, who will run through our key business highlights. 안녕하세요, 사업총괄 리더 Seungjun Baek입니다. 이번 분기 해외 결제 거래액은 전년 동기 대비 1.8x 증가했습니다. 해외 결제에서도 특히 큰 성장을 보인 부분은 외국인들이 Korea에서 소비하는 오프라인 해외 결제로 면세점과 백화점 등 건당 거래액이 큰 가맹점에서의 소비가 높은 수준의 거래액으로 연결되었습니다. Kakao Pay는 해외 결제 인바운드, 아웃바운드를 고루 확대함과 동시에 현금 결제가 많은 Japan, Vietnam, Laos 등에서는 유저 편의 제공을 위해 해외 ATM 서비스도 시작했습니다. This is Jason, Head of Business. Q2 cross-border payment TPV was up 1.8 times year-over-year. We've seen biggest growth from offline cross-border payments by inbound foreigners, which drove higher TPV from big merchants, such as duty-free and department stores, where ticket size is usually big with higher level of consumption. Kakao Pay was able to expand both inbound and outbound cross-border payment while starting overseas ATM service to enhance convenience for users in Japan, Vietnam, and Laos, where cash usage is prevalent. 해외여행의 준비 과정에서 발생하는 항공, 숙박 등의 결제부터 해외 여행자보험, ATM을 통한 현지 화폐 출금 서비스까지 카카오페이로 올 패스하는 서비스 인프라를 통해 유저 편의와 혜택을 강화하고자 합니다. 카카오페이는 유저들의 선호도가 높은 여행, 해외여행지를 우선으로 해외 결제처를 꾸준히 확대함으로써 해외여행도 역시 예스 카카오페이가 되고자 합니다. Starting from paying for plane tickets to hotels when preparing for a trip to travelers insurance and ATM cash withdrawal in local currency, we want to be able to strengthen user benefit and convenience through Kakao Pay's All-Pass service infrastructure. We will focus on expanding overseas merchant base in favored travel destinations to have people say yes to Kakao Pay, even when traveling abroad. 다음은 신용대출 외의 신규 상품으로 성장 동력을 확보하는 대출 서비스입니다. 대환대출 비교 서비스가 오월 말 오픈되었고, 카카오페이는 플랫폼 중에서는 유일하게 오대 시중은행 포함해 이십삼개 금융사의 대환대출 결과를 비교할 수 있는 안정적이고 신뢰도 높은 시스템을 구현했습니다. 현재까지 이십만 명 이상의 유저가 카카오페이 대환대출 서비스를 이용했고, 일천억 원이 넘는 규모의 대환대출이 카카오페이를 통해 중개되었으며, 이는 플랫폼 업권 내 선두 실적입니다. Next is on loan services, where we seek to secure engine for growth through new products aside from unsecured loans. Out of the platforms, Kakao Pay was the only one to have built highly reliable and stable services, providing comparisons between loans provided by 23 financial institutions, including five major commercial banks. More than 200,000 users have made use of Kakao Pay's loan refinancing service. Kakao Pay has arranged for loan referrals amounting to more than KRW 100 billion, gaining a top positioning in the platform industry. 주택담보대출 서비스 또한 지난 4월 출시 이후 2개월 만에 1,000여 건의 수준의 대출이 카카오페이를 통해 실행되었습니다. 대출 상품 포트폴리오의 신규 라인업 확대 노력에 힘입어, 2023년 1월 대비 6월 신규 대출 상품의 거래액은 전체 대출 거래액의 30% 수준까지 증가되었습니다. 카카오페이는 이와 같은 대출중개 서비스에서의 성공 역량을 바탕으로 1,000조 원 규모의 주택담보대출 시장에서도 업권 내 선두를 목표로 준비 중입니다. Since the launch of mortgage loan service last April, in just 2 months, around 1,000 loans have been extended through Kakao Pay. Driven by our efforts to expand new product lineup, total volume of new loans in June versus January of 2023 increased to around 30% of total loan volume. On the back of success, Kakao Pay has gained from loan referrals, we are preparing for a leading positioning in mortgage loan market, which is around KRW 1,000 trillion in size. 다음은 카카오페이 증권의 주요 성과입니다. 카카오페이 증권을 통한 예탁자산은 칠월 말 약 이조 원으로 추정되고 있습니다. 펀드, 주식, 증권 예탁금이 모두 증가하면서 주식 거래 추이와 머니 결제 비중도 꾸준히 증가하는 추입니다. 유저의 MTS 활성도는 지난 사분기 대비 이점사배 증가했으며, 같은 기간 주식 거래액은 더 높게 증가한 이점칠배 수준의 성장을 보이고 있습니다. 투자, 투자 게이미피케이션 서비스가 매 시즌마다 평균 오십만 명 이상의 유저에게 호응을 얻으며, 주식 거래 증가에도 기여하고 있는 모습입니다. Next is performance highlights of Kakao Pay Securities. Total amount of deposited assets at Kakao Pay Securities end of July was estimated around KRW 2 trillion. On rise in funds, stocks and securities deposits, we are seeing stock trade and Kakao Pay Money-based payments continue to uptrend. Users activity rate seen from MTS has gone up 2.4 times versus Q4, while trading volume during the same period expanded more by 2.7 times. The investment gamification service is also being well received by on average of more than 500,000 users every season, in turn, driving growth of stocks trading volume. 카카오톡 내 주식 주문 기능도 오픈되었습니다. 카카오톡을 통해 주식 종목의 등락을 맞추는 게임 서비스에 참여한 유저가 KakaoTalk에서 주식 주문까지 즉시 할 수 있는 기능으로 단계적으로 고도화된 기능들이 차례로 선보일 예정입니다. 이외에도 MTS 거래책 구조를 개편하면서 전문 주식 투자자들도 익숙하도록 종목 상세, 차트, 호가, 잔고, 주문의 기능이 화면 하단 탭에서 탭으로 이동할 수 있게 설계하여, 최적화된 동선으로 주식 거래의 완결성을 확보했습니다. 다양한 투자 패턴을 가진 이용자들의 니즈를 충족하면서 수익성 개선에도 기여할 수 있도록 MTS 서비스의 수준을 높여가고 있습니다. We also opened up a new feature on KakaoTalk, through which orders can be placed for stock trading. Users playing the game on KakaoTalk, where one has to guess how the share prices will move, can simply place trading order within the platform, and we plan to introduce more sophisticated features in phases. MTS's Trade tab was revamped so that you can move from one tab to another at the bottom of the screen across stock details, chart, order book, balance, order, offering a most optimized flow for completing the stock trade, even for professional investors. We are upgrading the level of MTS service so that it may satisfy needs of users who have different investment patterns, and in so doing, will bring improvements to our bottom line. 다음은 카카오 손해보험의 성과입니다. 카카오페이 손해보험은 출시 오십일 만에 여행자보험 가입자수로 해당 상품의 업계 상위권 실적에 진입했습니다. 칠월 삼주차에는 일평균 약 천팔백여 명의 가입자 수를 기록하는 등 카카오페이 유저의 높은 호응을 이끌고 있습니다. 카카오페이 손해보험이기 때문에 할 수 있는 유저 스스로 설계하는 보험, 무사고 시 보험을 돌려받고, 모이면 할인되는 등의 차별화된 특징들이 입소문을 타며 가입자는 꾸준히 늘고 있습니다. Next is highlights for Kakao Pay Insurance. In just 50 days following the launch of Kakao Pay Insurance, we became one of the top providers of travelers insurance in terms of number of policy holders. During third week of July, there were around 1,800 people on average per day, who took out the insurance, attesting to a great positive response from Kakao Pay's user base. A distinct feature which only Kakao Pay Insurance can offer, such as users designing the policy themselves or being refunded when the insured event doesn't happen, or better discounts if more people use it all at the same time, are all helping to create a word of mouth effect and attracting more subscribers. 다음은 자산관리 서비스 관련 성과입니다. Kakao Pay의 자산관리 신규 가입자 수는 업권 내 선두 실적을 보이고 있습니다. 연내 Kakao Pay 자산관리 서비스는 10 million 가입자를 돌파할 것으로 예상합니다. 자산관리 서비스의 유저는 보험, 대출, 카드 추천 서비스 등 금융서비스로의 높은 전의율을 보이고 있습니다. 전년 동기 대비 자산관리 유저의 금융서비스 전의율은 155% 증가된 수준입니다. 자산관리 서비스를 활용한 금융서비스의 MAU 증가와 페이앱 성장은 가속화될 것입니다. ESG와 이후 계획 등에 대해서는 Shin Won-geun CEO가 전달드리고, Q2 실적 발표를 마무리하도록 하겠습니다. Next is on asset management services. Kakao Pay reported industry's top performance in terms of new subscribers for its asset management, we expect Kakao Pay asset management subscribers will reach above 10 million before the end of the year. Subscribers to asset management service have displayed high rate of migration to other financial services, including insurance, loan, credit card recommendation services. On a year-over-year basis, such migration rate to other financial service has increased 155%. We expect asset management services will accelerate growth of financial services, MAU, and the Pay app as well. Lastly, I will turn it over to Allen again to provide the highlights on ESG and future plans before we end the presentation for the Q2. Kakao Pay 대표이사 Shin Won-g eun 입니다. Kakao Pay는 first 지속 가능 경영 보고서를 국내 Fintech 업권 최초로 발간했습니다. 이로운 흐름, 유연한 금융이라는 Kakao Pay ESG 비전하에 ESG 경영 전략을 성실하게 이행하고, ESG 정보 공시를 적극적으로 강화해 나가겠습니다. Kakao Pay는 본업인 금융 서비스를 활용한 소상공인 및 SMEs와의 상생 활동도 적극적으로 이행함으로써, 이로운 금융 흐름을 구축해 갈 것입니다. Hello, this is Allen again. Kakao Pay was the first Fintech company in Korea to publish its sustainability report. Under Kakao Pay's ESG vision of beneficial flow, flexible finance, we will faithfully implement ESG strategies and actively strengthen our ESG disclosures. We will also actively engage in activities for inclusive growth with small merchants as well as SMEs, leveraging our core business of financial services with a view towards building a beneficial flow. 지금까지 Kakao Pay의 2023 Q2 주요 성과를 투자자 여러분께 공유드렸습니다. MAU가 24,000,000 명을 돌파했고, 해외 결제 매출은 결제 매출 비중의 두 자릿수를 기록했습니다. 대환대출 서비스는 실행액과 실행 건수에서 업계 선두 역량임을 입증을 했고, 자산관리 서비스는 연내 10,000,000 가입자 목표를 조기에 달성할 것으로 보이며, Kakao Pay 여행자보험은 출시와 동시에 super rookie로 자리매김하고 있습니다. ...User 활동과 연관 있는 지표들이 우상향하며, Kakao Pay의 새로운 성장 변곡점을 그려가는 노력과 인고의 시간이었습니다. 덕분에 상반기 누적 기준으로 전년 동기 대비 13% 매출이 성장했지만, 투자자분들께 약속드린 올해 성장 목표까지는 gap이 존재합니다. 오프라인 결제 영역은 내 주변 서비스를 통해 머니 기반의 결제 생태계를 확장하며 거래량을 늘려갈 것이고, 해외 결제는 Hangzhou Asian Games을 기점으로 국내 입국하는 단체 관광객이 회복세와 함께 인바운드 오프라인 결제 시장의 성장이 예상됩니다. 주식 서비스는 해외 주식의 외형 성장이 국내 주식 거래로 이어지면서 매도담보대출 등 신용 공여 잔고도 증가할 것으로 보입니다. 금융 서비스에서는 대출과 보험에서 금융 중개 상품 커버리지를 넓혀가는 전략을 유지하며 성장 동력을 확보해 갈 것입니다. 지금까지 Kakao Pay는 저희 다양한 서비스 간의 연계를 강화하며 결제와 대출에 이은 단단한 수익 기여 서비스를 키워가고 있습니다. Kakao Pay는 이루지 못할 것만 같았던 목표를 이뤄내는 저력을 경험한 팀입니다. 그 저력의 경험을 되살려서 재무적 성과 개선으로 결실이 이어질 수 있도록 하겠습니다. 감사합니다. So far, we've shared Kakao Pay's key earnings highlights for Q2 2023. MAU has reached above 24 million, and out of the total payment revenue, cross-border payment has grown to account for a double-digit share. In refinancing loans, both in terms of origination and number of transactions, we have proven our industry-leading capabilities, and we expect to reach 10 million asset management subscribers before the end of the year. Upon the release of Kakao Pay's travelers insurance, it immediately became a super rookie. User metrics also continued to uptrend, while we had to endure through the period of hard work to bring a new tipping point for Kakao Pay's growth. Thanks to such efforts, we achieved 13% year-over-year growth on a cumulative basis for the first half, but there is still the gap versus what we committed to investors. For offline payment, we will expand money-based payment ecosystem through around me service and drive up the trading volume. For cross-border payments, in time for the Hangzhou Asian Games, we expect recovery of inbound group tourists, which will trigger the growth of inbound offline payment market. We also expect volume growth from overseas stock trading to have a spillover effect on domestic trading, which in turn will increase the balance for margin loans, including stock-backed loans. In financial services, our strategy will be to broaden the coverage of products for brokering loans and insurances, through which we will secure our growth engine. So far, Kakao Pay has strengthened connectedness, connectedness of its diverse portfolio of products, nurturing services that will make contributions to our profit following the paths of payment and the loan business. Kakao Pay, as a team, has experienced resilience, achieving objectives that once seemed unreachable. We will leverage that resilience yet again to improve the company's financial performance going forward. Thank you. Now Q&A session will begin. Please press star one, that is star and one, if you have any questions. Questions will be taken according to the order you have pressed the number star one. For cancellation, please press star two, that is star and two on your phone. The first question will be provided by Sinyoung Park from Goldman Sachs. Please go ahead with your question. 안녕하세요, 저 Goldman Sachs 증권의 Sinyoung Park입니다. 두 가지 질문드리고 싶은데요. 첫 번째는 그 대출 중개 관련해서 저희가 그 대환대출 플랫폼이 그 출범을 하면서 이미 좀 준비가 잘 되어 있어서 시장 선점을 할 수 있었던 것 같아요. 그 올해 안으로도 주담대 상품도 포함될 걸로 예상이 되는데, 그렇게 된다고 하면 저희 올해 금융 서비스 부문에 있어서 TPV 성장 타겟을 좀 상향 조정할 수 있는 여지도 있는지 궁금하고요. 또 앞서 이제 매출 성장이, TPV 성장 대비 매출 성장이 좀 갭, 갭이, 죄송해요. 매출 성장이 이제 저희의 타겟 대비 조금 갭이 있는데 관련해서 이제 대출 중개 부문 쪽에서 수수료율 추이 전망도 좀 같이 말씀해 주시면 좋을 것 같고요. 두 번째는 그 증권 쪽 그 질문을 드리고 싶습니다. 이제 앞서 말씀주신 뭐 메신저 내에서의 주식 서비스라든지, 이제 저희가 Kakao Pay Securities에서 사용자 활성화를 위해서 좀 여러 가지 전략을 쓰고 계신 것 같아요. 이제 얼마 전에 언급하셨던 2026년까지 KRW 10 billion권의 연간 거래 건수 목표 달성에 있어서, 이 안에서 증권 부문의 비중이라든지, 이걸 뭐 증권업 내에서의 점유율로 환산을 한다면 어느 정도 마켓셰어를 목표하고 계신지 궁금합니다. 감사합니다. Hello, this is Sinyoung Park from Goldman Sachs. I have two questions. Relates to your loan refinancing business. I think you are able to gain an upper hand in securing market share in the rollover, refinancing loan platform, because you were able to prepare early on. I understand that you will be launching a mortgage loan before the end of the year. Could you provide some color with regards to those aspects? Also you have shared with us your financial services TPV growth, do you plan to adjust that target level or the growth guidance upwards? You also mentioned that the revenue growth has underperformed the target. Would like to get some color as to what you think is going to be your your- the, the take rate trend is going to be, the fee rate trend is going to be going forward. Second question relates for, for your loan product. Second question relates to the Kakao Pay Securities business. You have mentioned that you are endeavoring to further activate the use and the activity measures of the users of Kakao Pay Securities. You also mentioned that your objective is to gain KRW 10 billion by year 2026 in terms of the annual transaction volume. When once you hit that level, what% share will your Kakao Pay Securities business take out of that total annual transaction, and what would that translate in terms of the market share? Hello. This is Seungjun Baek, Head of Business. Regarding Head of Business. Regarding loans, I will answer your question. As your question. As you mentioned, Kakao Pay's loan repayment service is the only platform where all 5 major commercial banks have entered, and it is currently connected to 23 lending institutions. Since the service launch at the end of May, more than 200,000 users have used the Kakao Pay loan repayment service, recording a volume of over KRW 1 trillion in loan repayment brokerage, making it a leading player in the Fintech industry. In addition to loan repayment, new product lineups have increased, including personal loans, mortgage loans, auto loans, and other non-credit loans. As a result, the proportion of transactions through new loan products has grown to 30%, and Q2 loan TPV increased by 40% quarter-on-quarter. currently connected to 23 lending institutions. Since the service launch at the end of May, more than 200,000 users have used the Kakao Pay loan repayment service, recording a volume of over KRW 1 trillion in loan repayment brokerage, making it a leading player in the Fintech industry. In addition to loan repayment, new product lineups have increased, including personal loans, mortgage loans, auto loans, and other non-credit loans. As a result, the proportion of transactions through new loan products has grown to 30%, and Q2 loan TPV increased by 40% quarter-on-quarter. currently connected to 23 lending institutions. Since the service launch at the end of May, more than 200,000 users have used the Kakao Pay loan repayment service, recording a volume of over KRW 1 trillion in loan repayment brokerage, making it a leading player in the Fintech industry. In addition to loan repayment, new product lineups have increased, including personal loans, mortgage loans, auto loans, and other non-credit loans. As a result, the proportion of transactions through new loan products has grown to 30%, and Q2 loan TPV increased by 40% quarter-on-quarter. currently connected to 23 lending institutions. Since the service launch at the end of May, more than 200,000 users have used the Kakao Pay loan repayment service, recording a volume of over KRW 1 trillion in loan repayment brokerage, making it a leading player in the Fintech industry. In addition to loan repayment, new product lineups have increased, including personal loans, mortgage loans, auto loans, and other non-credit loans. As a result, the proportion of transactions through new loan products has grown to 30%, and Q2 loan TPV increased by 40% quarter-on-quarter. While personal loans are expected to be included in the loan repayment products within the year, this schedule is planned for the end of the year based on guidance from relevant authorities. Therefore, the TPV and revenue increase expected from personal loan repayment will be reflected in next year's results. Consequently, the annual TPV guidance will be maintained at 15%-20%, a conservative target. This is Jason. I will respond to your question about the rollover loan platform. As you've mentioned, we are the only platform company where we are providing the services to 23 lending institutions, and we also have 5 major commercial banks onboarding our network. We are the only platform that is interlocked with all of these players. Already, after the service release end of May, more than 200,000 users have made use of these services, the refinancing services, and we have been able to extend about KRW 100 billion of the loans through the referral, the refinancing platform, and we are by far the top player within the Fintech industry. Not just the loan refinancing, we have also increased and added new lineup of products, aside from unsecured loans, to include loans for jeonse and monthly rentals, as well as mortgages and auto loans. Now all these new products account for around 30% of the total extended loans. As a result, Q2 loan TPV was up 40% on a Q-on-Q basis. Yes, we are planning to release a mortgage product before the end of the year, but this has to be coordinated with the supervisory authorities' guidelines, and they are currently scheduling to release that at the end of the year. We believe that any impact from the positive impact in terms of TPV and revenue increase, will start to show in the earnings performance following next year. At this point, we are still sticking to our conservative stance in terms of our annual TPV guidance, and we will stick to our original target of 15%-20%. Regarding loan brokerage fees and prospects, it is true that the fee structure for personal loans, mortgage loans, and loan repayments is different from that of traditional credit loans. Since the ticket size is much larger than credit loans, we expect that the revenue per transaction may actually be higher. From the perspective of the overall loan brokerage portfolio, we are positive about the expansion of the overall market, the potential for TPV and revenue growth, and the improvement in the stability of revenue be higher. From the perspective of the overall loan brokerage portfolio, we are positive about the expansion of the overall market, the potential for TPV and revenue growth, and the improvement in the stability of revenue composition as the product lineup diversifies beyond credit loans. In terms of the fee structure and the forecast going forward, it is true that the fee structure is different compared to unsecured loans versus the loans for jeonse, monthly rentals, mortgages, and the refinancing loans. Having said that, these types of loans entail quite large ticket sizes, we are looking forward to a bigger revenue stream from these new groups of products. From a loan referral business perspective, as we are able to diversify the product lineup, we are able to further broaden our downstream market, and that is going to give us a bigger opportunity in terms of further boosting our TPV and top line revenue. In that sense, we are quite positive. Now, users with loan needs have established it as an essential process to search for the best products through loan comparison platforms, including Kakao Pay. ... 이에 더하여, 카카오페이는 사용자들이 직관적으로 서비스를 이용하고 효과를 체감할 수 있도록 챗봇 형식의 서비스 흐름을 구축했고, 향후에는 더욱 정교한 사용자 데이터를 기반으로 개인별 최적의 대환대출 시점을 예측하고, 금리나 니즈를 충족하는 서비스를 구현하기 위해 신용평가사와 협업하여 대환대출 전용 DB도 별도 구축 중에 있습니다. It has now become a must for people who are in need of loans to actually look for the most optimal loan product by making use of such loan comparison platform. On top of that, Kakao Pay is providing a very intuitive service, making use of a chatbot type of a service flow. Going forward, we will make use of more sophisticated user data, based on which we will be able to predict the exact timing, at the most optimal timing for loan refinancing, and also in order to be able to better meet the needs that the users have in terms of lower interest rates. We are, at this point, separately building out a refinancing loan specific database in collaboration with credit rating agencies. 대표이사 신원근입니다. 증권 관련된 질문에 대해서는 제가 답변드리겠습니다. 우선 지난 오월 기자간담회를 통해서 발표한 삼 년 후 연간 백억 건의 금융 트랜잭션을 처리하는 금융 플랫폼이 되겠다라고 하는 점에 대해서 먼저 부연 설명을 드리겠습니다. 올해 카카오페이가 처리하게 될 금융거래는 약 사십억 건으로 예상하고 있고, 매년 삼십프로 이상 거래 건수를 성장시키면서 삼 년 후 백억 건을 달성하고자 합니다. 이 수치가 어느 정도의 규모냐면, 국내 경제활동인구를 삼천만으로 봤을 때, 이 삼천만 인구가 매일 한 번씩, 즉 일 년에 삼백 번 이상의 어, 카카오페이 활용을 통해서 금융과 관련된 니즈를 해소하게 되는 것으로 카카오페이가 금, 생활 금융 플랫폼으로 확고히 자리잡게 됨을 의미합니다. 이 목표를 달성하기 위한 주요 드라이버 중 하나로, 더 많은 투자 관련 활동을 카카오페이에서 수행하도록 하고자 합니다. Hello, this is Allen. I will respond to your question about our securities business. As I've mentioned, as we mentioned during the May announcement, our goal is to become a financial platform handling about KRW 10 billion worth of transactions in 3 years' time. Now, Kakao Pay in 2023 will be processing about KRW 4 billion of such transactions, and if we are able to grow on a 30% growth trajectory, we will be reaching KRW 10 billion in 3 years' time. To give a bit more color as to the extent of this growth, that translates into about 30 million of Koreans who are economically active, using Kakao Pay once every day, so that would amount to more than 3 times a year. That we will, and we will be making preparations to meet all of their financial related needs, and Kakao Pay will become a life financial platform, and one of the key drivers that will help us get there, will be for us to make, relevant investments. 이 차원에서 전체 transaction count 중 stock transaction count의 비중이 중요한 의미가 있고, 이제 질문을 주셨을 텐데요. 좀 더 직접적으로 저희가 목표로 하고 있는 securities industry 내에서의 Kakao Pay Securities의 이상을 말씀드리는 게 명확한 답변이 될 것 같습니다. 저희는 overseas stock 관련 service에 있어서는 1년 내 top 5에 진입하고자 하고, 3년 내에는 선두권으로 도약하고자 합니다. 국내 stock의 경우에는 overseas stock보다 점유율 증가 속도는 낮겠지만, programmatic trading 등 다양한 기술적인 지원을 확대해 가면서 해당 분야 역시 지속적으로 육성해 나갈 것입니다. Now, I think it would be better for me to address your question by sharing with you the vision that we have. The vision of Kakao Pay Securities is to position itself in the industry and basically, in terms of global stock trading, our target is to become top five in one year's time and be one of the forerunners as the top three in three years. Share growth from domestic stock trading business will be slower versus that of the global stocks trading business, but we will grow this segment with more technology support, including programmatic trading. 비단 주식 거래뿐만이 아니라, 향후에 파생이나 채권 등의 투자 수단에 대해서도 지금의 금융사들보다 더 업그레이드된 사용자 경험을 제공하도록 함으로써, 전문 투자자가 아니더라도 일반 유저들이 카카오페이의 금융투자에 대한 접근성을 훨씬 더 높여가고자 합니다. We are planning to offer a more upgraded user experience, even for derivatives, derivatives, fixed income and other investment vehicles, not just for stock trading, so that even non-professional investors can better enjoy access to Kakao Pay's financial investments. 네, 다음 질문 받겠습니다. Next question, please. 다음으로 질문해 주실 분은 교보증권의 김동우님입니다. The following question will be presented by Dong-woo Kim from Kyobo Securities. Please go ahead with your question. 질문 기회 주셔서 감사합니다. 최근 국내로 들어오는 해외 관광객이나 해외로 나가는 국내 관광객 수 모두 크게 증가하고 있는 것으로 보이는데, Kakao Pay 이 분기 크로스보더 결제 추세에 대비해서 이제 하반기에 해외 결제 인바운드 및 아웃바운드 수요 어떻게 회복 또는 성장할 것으로 기대하고 계신지? 그리고 Kakao Pay 해외 결제 전략은 무엇인지 조금 더 자세히 설명해 주시면 감사하겠습니다? ...Thank you. I am Dong-woo Kim from Kyobo Securities. My question relates to a recent trend that we are seeing in terms of inbound and outbound tourists. We have seen some recovery. You've shared with us what your cross-border payment picture looks like for Q2. Would like to understand as to what your projection for the second half of the year is. Do you foresee that inbound and outbound traveling, demand is going to actually rebound or it will grow going forward? Also, would like to get some color as to what is Kakao Pay's cross-border payment strategy? This is Jason, responding to your question. Yes, the second quarter cross-border TPV was up 84% year-over-year and 28% Q&Q. Also on the back of increase in the number of inbound travelers, we have seen cross-border inbound offline transaction actually show a quite distinct improvement compared to Q2 of last year. We've also seen an uptrend in the number of outbound Korean travelers, and hence we are seeing a cross-border outbound offline transactions to be also on a year-over-year uptrend. Regarding what's going to happen in the second half of the year, because of the Russian-Ukraine War that is ongoing and also possible policy change around the Asian Olympic Games period by the Chinese authorities and the inflation, all these variables that currently exist, we think that it would be difficult for us to see a complete recovery to pre-COVID levels. However, because there is an uptrend in terms, in the number of tourists and visitors, we believe that on a comparative basis for cross-border TPV and sales will definitely show an improvement versus or higher growth compared to the online payment. As I mentioned during the presentation, when people are preparing for a trip abroad and purchasing plane tickets, accommodations, and going to duty-free shops, we will be able to leverage that opportunity in our payment business. We are providing also the travelers insurance, and we've added more countries for our cross-border offline payment, and we launched an overseas ATM withdrawal service. By adding such service infrastructure and through facilitating and activating the use of such services, we're going to further strengthen the user convenience. July, August is summer vacation season. September, there's going to be onto Asian Olympic Games in China, which will have a positive impact, and also we're expanding to other servicing countries, including Italy and France. Through such activation promotions, we're going to further trigger the activation of our payment business or the cross-border payment business in the second half of the year as well. Next question, please. The following question will be presented by Kwang Myong Jung from DB Financial Investment. Please go ahead with your question. Hello, I am Jung Kwang Myong from DB. I have two questions I would like to ask. During your Q4 '22 presentation, you shared with us your revenue guidance of 20% to 30% growth. ... in light of the current developments, do you think that achieving this objective is still possible? Second question, globally, we see that Fintech companies are introducing a fixed fee system on a monthly basis when they're providing a asset management or advisory services to their user base. I know that Kakao Pay will leverage the MyData information to provide better asset management services to your users as well. Could you provide some color as to what your business direction going forward will look like? Also, another part of the question is, what your views are towards adoption of artificial intelligence and different models such as ChatGPT? What are your plans to utilize AI or robo-advisor and other innovative technologies in your service offering? Hello, this is Aiden, the CFO. I will respond to your question about guidance. Yes, I think that the, because the first half, the growth rate on a year-over-year basis was not as high as you would have expected, you are asking this question. I'll first begin with the current status quo, as well as what our second half outlook looks like for our payment and financial services. Now, first, if you look at the top line revenue growth for our payment service in the first half of the year, on a year-over-year basis, the growth rate was 13%, it looks lower compared to our revenue guidance of 20% growth. If you look at our payments revenue, we have seen a very steep growth from cross-border payment, and also from the offline side, we are seeing very pronounced growth on a quarter-over-quarter basis. As we enter into the second half of the year, we're expecting for a more steeper year-over-year growth rate. In Q1, payment revenue was year-over-year 11% up, but in Q2 it was higher at 15%. As Jason has shared with us, his strategy going forward, in Q3 and Q4, there will be sectors that will benefit from post-COVID, such as airliners, traveling agencies and duty free, and we will be able to expand our market share and from our existing merchant base, and we will also implement a promotion for Kakao Pay Money-based payment, which will all drive a higher top line revenue growth going forward. For financial services, through the fee policy, as well as through different promotions, we will drive obviously stock trading, which will lead to a higher top line revenue from our retail services. Aside from the fee income that we take from stock trading, there is higher level of deposit at our securities business, which is driving up NIM, net interest margin, and we are expanding margin loan business, and also are preparing for an introduction of stock-backed loans. These will be some additional revenue models that we could leverage from. Also in terms of the loan business, we will continue to be number one in terms of refinancing loans out of the Fintech companies, and we are making good preparation ahead of the introduction of the mortgage loans, which will start within the year. Through such expansion of new product lineup, we will continue to sustain the growth trend. For our insurance business, Kakao Pay Insurance has now started full-fledgedly, the sales of the travelers insurance, and we are also seeing growth from B2B sales as well. We are expecting for a meaningful growth going forward on a year-over-year basis. You may think that our second half, top line revenue objective may look aggressive, compared to the first half's performance. In the first half, we were in the process of overcoming the difficulties that we've experienced in the second half of last year, and we've been solidifying and building a firm basis for a structural, revenue growth going forward. Underpinned by this, in the second half of the year, we will be able to normalize the growth rate of our payment business, and we'll start to bring tangible results from our financial product sales and revenue, and we will do our utmost to make sure that we meet that 20% revenue guide. Yeah, 대표이사 신원근입니다. MyData 기반의 자산 관리 관련 질문에 대해서는 제가 답변을 드리겠습니다. 우선 MyData 기반 자산 관리 서비스에 대해서 말씀드리면, 저희 Kakao Pay의 자산 관리 서비스는 올해 초부터 서비스를 개편하면서 타사 대비 압도적인 규모로 신규 유저 유입이 일어나고 있습니다. 하반기에 진행될 자산 관리 홈 개편 등이 계속되면서 2022년 연말 대비 가입자 수는 올해 말 기준으로 2.5x 수준까지 늘어날 것으로 전망하고 있습니다. 저희가 여기서 생각하는 수익 모델은 투자 포트폴리오 관리 등을 통한 유료 멤버십 서비스는 아닙니다. 물론 저희 서비스를 더 향상시키면서 현재까지는 자산가들만 받고 있는 private banking 수준의 서비스를 모든 유저들이 누릴 수 있도록 할 계획은 가지고 있고 준비 중입니다만, 이를 유료로 제공하기보다는 각 유저들이 최선의 포트폴리오를 구성하면서 금융 자산을 구성할 수 있도록 지원하고, 여기서 창출되는 수수료 수익을 기본 수익원으로 획득을 하고자 합니다. This is Allen. I will respond to your question about leveraging MyData and our assets management services. We started with a newly revamped asset management service since early this year, and new user acquisition trend has been quite pronounced versus our peers. Home screen facelift will continue to happen as we enter into the second half of the year, and we expect subscribers to rise by 2.5 times versus end of 2022. Our revenue model, however, is not a fee-based membership. We will, of course, improve our service offerings and have all our users enjoy a private banking level services, which was only previously enjoyed by high net worth customers, and this will not be for a fee. We will support people's financial activities by designing the most optimal portfolio for that individual and gain fee income from this, and this will work as our basic revenue source. 물론 수수료 이외의 사업화 방안도 준비되고 있는데요. 우선 마이데이터의 정보는 카카오페이가 보유한, uh, 기본적인 정보와 결합됐을 때 각 사용자를 잘 이해할 수 있는 최고의 데이터 세트가 될 수 있습니다. 이를 기반으로 한 고객 세그먼트 타겟팅은 유저에게는 불필요한 광고에 피로를 줄임과 동시에 저희 카카오페이나 외부 파트너사 또는 광고주들에게는 효율적인 마케팅의 타겟팅 수단이 될 수 있기 때문에 이에 대한 데이터 사업을 준비 중입니다. Of course, aside from the take rate structure, we also can combine MyData information with data that Kakao Pay has. Based on this, we can extract the best data set and use it to understand and segment our customers. With this, we can do targeted ads to reduce people's fatigue for advertisement, and to advertisers and partners, it will be efficient marketing tool. We're preparing for this data business as well. 추가적으로 자회사인 Kakao Pay Securities나 또는 저희 Kakao Pay가 MyData와 결합한 투자 일임 또는 자문 서비스를 제공하게 될 경우, 시장 성장률 이상의 성과가 날 경우만 운용 수수료 수익을 인식하도록 하는 방향의 서비스를 설계해 볼 수 있을 거라고 지금 계획하고 있고요. 고객과 사업자가 모두 win 할 수 있는 사업 기회로서 저희가 만들어 갈 수 있지 않을까 생각합니다. Now, we are also thinking of a win-win profit model for both the customer and the service provider, where asset management fee is only recognized when the return is above the market growth rate, once we combine discretionary and advisory services of Kakao Pay and its subsidiary, Kakao Pay Securities, with MyData. 위원님께서 그 인공지능과의 결합에 대해서도 언급해 주셨는데요. Uh, 제가 마지막에 언급한 투자 자문 등을 포함한 다양한 가능성을 염두에 두고 인공지능과의 결합 등을 고민하고 있습니다. 카카오페이는 그간 위험 분석이나 개인화 추천, 업무 자동화 영역에서 AI를 활용하고 서비스에 적용해 왔는데요. 특히 올해 초부터는 한국어에 특화된 생성형 AI를 금융 도메인에 접목시키는 기술을 준비 중에 있습니다. 특히 단기적으로는 카카오 브레인의 KoGPT를 저희 금융 서비스에 활용하기 위한 proof of concept 단계를 마치고 다음 단계를 준비 중에 있습니다. 중장기적으로는 모델의 파라미터와 그 영역을 더욱 확대해서 사용자가 필요로 하는 다양한 영역의 금융 AI 모델을 확보해 나가고자 합니다. You also asked about our plans in use of or the adoption of AI. In terms of AI adoption, we are open to many opportunities, including providing that investment advisory, which I bri- just mentioned about brief time ago. We've been using AI in our workflow automations, personalized recommendations, and risk analysis. And generative AI that is specialized for Korean language can be brought into the financial domain, and we are currently conducting a research into finance-specific AI technology since beginning of this year. Short term, we've completed proof of concept of Kakao Brain's KoGPT for our service adoption and carrying through with the next steps. We will have financial AI models that users will benefit from by increasing the learning parameters of that AI algorithms model. Next question, please. The following question will be presented by Heeyeon Lim from Shinhan Investment & Securities. Please go ahead with your question. Thank you very much for the good earnings this quarter. I have two questions relating to your securities business. It's been about a year since the release of your MTS services. What is the current market share in terms of global stock trading, and what is the management's take on year one performance? Second question is from a more mid to longer term perspective. Compared to your peers in this industry, how do you plan to further up your competitive edge and narrow the gap that you currently have with them? Hello, this is Aiden. I will respond to your question about MTS. It will be difficult for me to provide you with a specific market share number, but I can tell you the growth trend, which is that compared to end of 2022, we've seen the growth to be threefold, and on a Q-on-Q basis, the growth was around 30%. Also, in terms of new subscriber acquisition, we made full use of gamification program that was dubbed Potatoes, Sweet Potatoes. Then on top of that, we had undergone a new home screen revamp and provided aftermarket support, and also renewed and gave a new facelift to the order screen. With all of these improvements in the MTS services, we are seeing retention measures improve. As a result, for our stock trading MAU, during the first half of the year, we've seen growth of around 40%. PV, which is a measure that we continuously monitor as an important activity indicator during the first half, had gone up by 3 times as well. In terms of users that are trading global stocks, compared to end of 2022, the number has grown by more than twofold, and the share of overseas stock trading now account for about 60%. We are seeing a quite elevated level. Also we have a community, a so-called discussion room, where people can very easily and comfortably talk about this very difficult topic of stock investment. In the second half of the year, we are preparing for multiple service releases to further facilitate the fun and the communication that people can experience while investing. We have enabled a stock transaction to happen on top of the KakaoTalk platform starting July the eleventh, in the form of MVP method. Through continuously scaling up these features, we will further expand on the investment convenience, and we will further strengthen the connectiveness that to our daily lives and the investment. If we can really play this whole context of where people can really initiate and start investing whilst communicating with their friends on KakaoTalk, I believe that this could really create a new type of investment culture. Yeah, in terms of profitability, if you look at the total amount of outstanding credit in the market that was around 18% increase, but for Kakao Pay Securities, that outstanding balance posted a growth of around 600%. We were able to outperform the market, in the month of August, we're currently preparing to release a stock-backed loan service, which will be provided not just for domestic stock trading, but also for global stock trading as well. We will provide this service during the nighttime as well as during, you know, holiday or the weekends. Going forward as such, we will continuously come up with multiple services that can better meet the needs of our users and also help us with our bottom line. On the back of our acquisition of Siebert Financial, we are looking into many different new business opportunities. We have been able to bring cost savings in our overseas global stock referral business, recommendation business, and we are equipped with price competitiveness. We will look into other areas so that we can maximize synergy and lead the market. You also asked about our mid to long-term strategy. If you look at overseas stock markets, the competition on margin has become very fierce. Kakao Pay Securities have taken a bold step to cut around 5% of basic fees, and after that action, we've seen almost all brokerage firms immediately come on board, and we see a very fast and accelerated pace of downward stabilization. In light of these developments, we believe that going forward, companies would have to compete not just on fees, but, more companies that can actually provide better investment experience will be the one that will be chosen by the users and the investors. In that sense, despite the fact that Kakao Pay Securities is a late entrant into this market, we believe that we are really leading that change and accelerating that speed of change. Through a lot of promotions and new features that we are introducing, we are making contribution to the transformation of the market itself. Going forward, we will continue to meet the needs and the requirements of our users that have been unmet by the existing companies, and we will do our best, and we are endeavoring to the utmost speed in providing the best and most satisfying stock service to our users. It's been 1 year since we released overseas stock services, and the recent 6-month growth has been much steeper compared to the first year, and we now see the fundamentals becoming much more solid and robust. To share with you a little more detail, in the first half of the year, we focused on improving the essentials, the basic features of MTS, and as a result, we are seeing all the retention measures really improve. In the second half of the year, we will also focus on various different trading and investment performance analytics, and provide means to the users so that they can very easily make investments into stocks and also have fun along the way. We will bring Kakao style approach into providing these services. At the same time, we have already introduced an integrated module money services, whereby people could really save on the currency exchange fees. We have come up with a structure whereby if people engage in more transactions, basically the fee that they have to pay on those transactions and trading gets lowered. Also for this year, we are planning on introducing various different interest rate event as well as many module related interest rate events. We are very actively expanding benefits to our customers, which are very tangible. Also, as I mentioned before, we will be introducing stock-backed loan product in August, and through such new releases, we will be able to further narrow the gap that we have with our peers. Ne, 저희가 투자 발표를 시작한 지 1시간이 넘어가고 있는데요. 시간 관계상 마지막 질문을 받도록 하겠습니다. So we've spent more than 1 hour. I would like to now ask whether you have any final questions? 마지막으로 질문해 주실 분은 Citi Securities의 John Yoo님입니다. The last question will be presented by John Yoo from Citi Securities. Please go ahead with your question. 아, 네, 안녕하세요, 질문 기회 주셔서 감사합니다. 전 빠르게 한 가지만 여쭤보겠습니다. 그 광고 관련된 전략 방향성 업데이트 좀 부탁드리려고 하는데요. 그 사월 말에 UIUX 개편하시고 나서 보니까, 광고에 추후에 사용 가능해 보이는 배너 신박들이 몇 군데 추가가 된 것으로 보여가지고, 또 이 분기에 보니까 이제 가끔씩 들어가 보면 샤넬이나 트립닷컴, 그다음에 뭐, 스니커즈 플랫폼 등의 광고주들과 일부 광고를 진행한 것으로 보입니다. 그래서 작년 말에 광고 사업기에 대해서 살짝 언급하신 이후에, 이제 대략적으로 한 일 년 정도 지났는데, 광고 사업 방향성 혹시 업데이트 있는지 한번 말씀 부탁드리겠습니다. 감사합니다. I just have one quick question on your advertising business. Since the, the facelift that you have applied in April, it seems like you have added more advertisement banner slots on the surfaces, and I think that during Q2, you know, when, when I went to those places, I saw ads from Chanel, Trip.com, Sneakers Platform run on those banner slots. Could you provide us with an update on your advertisement business opportunities? Since it's been about one year since Since since the update. 안녕하세요, 서비스 총괄 박정우입니다. 제가 답변드리겠습니다. 일단, 어, UIUX 개편 이후에 저희 그 지표 변화에 대해서 좀 설명드리겠는데요. 사월 십일 케이- 페이 앱에서 새로운 페이홈이 릴리즈 되기 시작했고요. 유월 팔일, 카카오톡과 페이 앱, 두 플랫폼 모두에서 새로운 페이홈이 적용이 되었습니다. 이로 인해서, 어, 개편 전 대비 현재 페이홈의 WAM이 약간 사십오 프로 정도 개선이 되었고요. 어, 사용자 참여량은 앱은 약 삼십 프로, 그리고, 어, 톡은 약 이십 프로 정도 개선되면서, 트래픽 측면에서 양적, 질적 성장이 진행되고 있습니다. 팔월부터는 페이홈에서 다양한 컨텐츠들을 더, 더 발견시킬 수 있도록 저희가 어, 개선을 할 예정이고요. 이로 인해서 앞으로 다양한 서비스를 페이홈에서 맞춤 발- 발견시킴으로써, 이용자 전반의 활동성을 증가시킬 예정입니다. Hello, this is Jeff. I will respond to your question. Just to share with you some of the outcomes that we were able to enjoy after the UIUX refresh, is that, after we applied the new Pay Home and our Pay app, as dated April the 10th, basically, we've also introduced the new Pay Home screen to both of the platforms in June the 8th, KakaoTalk platform and the Pay app platform as well. As a result, if you look at the weekly active user number, as of July, we've seen improvement of around 45%. In terms of the user engagement for our Pay app, it was 30% improvement, and on the top platform, 20% improvement. We are seeing both quantitative as well as qualitative growth in terms of user traffic. Also, we are planning on multiple improvements, that is slated for August. We will make arrangements and revamp the space so that more of the content that people are interested in gets viewed much more clearly or more easily. With those changes, I believe that the user activity measures will further improve. 다음으로 광고 사업 성과에 대해 말씀드리겠는데요. 아직 광고 매출 규모는 좀 작습니다. Compared to Q1, 지금 현재 광고를 진행한 브랜드 숫자는 260% 증가했고, 광고 매출액은 approximately 250% 증가했습니다. Kia와 연말까지 연간 광고 계약을 체결하고, 신규 드라마, 영화 등의 광고 진행을 진행하고 있고, Chanel 광고를 단독으로 수주하는 등 예, 질적, 양적으로 성장이 진행이 되고 있습니다. 현재 정교한 오디언스 타겟팅 광고를 테스트하고 있고, 이를 기반으로 금융 등의 영역에서 고단가 광고부터 SMB의 소액 광고까지 Kakao Pay를 통해서 홍보할 수 있는, 홍보할 수 있도록 플랫폼과 상품을 고도해 나갈 예정입니다. ... Next, to just walk through some of the advertisement business performance up to date, is that although the absolute size from advertisement business is not that big compared to Q1 numbers, the number of brands that actually ran advertisement on our space has gone up by 267%, and our advertisement revenue also posted a growth of 253%. We will enter into and execute an agreement with Kia, and we are running advertisement for new upcoming dramas and films, and we have also won an advertisement from Chanel as well. We are seeing both qualitative and quantitative growth. Also we are at this point, testing a more sophisticated audience-targeted advertisement. Through all of these efforts, we are going to really be able to re- scale up our platform as well as our product offerings, to cover both the high cost advertisement as well as smaller size and, and lower cost SMB advertisements. Last but not least, our mid to longer term strategy going forward is actually threefold. The first piece has to do with Kakao Bizboard display ad. We are planning to expand the advertisement accounts up onto the Pay app. Also the second is the Kakao Pay's own, its own DA advertisement. Basically, it's an advertisement impression space that is within the Kakao Pay, like in the form of home banners and different screens that tell you that your remittance is complete. We will make use of our data asset to develop and really nurture the CA advertisement products that's very much specialized for payment and finance. Third is our native advertisement. We will grow this into a service that is very much Kakao Pay specific and which is really focused on providing benefit to the users. From the second half of the year, we will expand on Display Ad accounts, as well as really make a success case out of our native advertisement business and really provide support so that it could grow as one of Kakao Pay's key businesses. Uh, Thank you very much. This brings us to the end of the Q2 2022-2023 Kakao Pay's earnings presentation. If you have any follow-up questions, please feel free to contact us at the IR team. Thank you.