Good morning and good evening. Thank you all for joining the conference call for the Kakao Pay earnings results. This conference will start with a presentation followed by a Q&A session. If you have a question, please press star and one on your phone during the Q&A. Now we will begin the presentation on Kakao Pay's Q4 of Fiscal Year 2025 Earnings Results. [Foreign language] Good afternoon, this is Allen, CEO of Kakao Pay. Thank you for joining the Q4 2025 Earnings Conference Call. [Foreign language] I will begin with key metrics for FY 2025: Q4 TPV, consolidated basis operating revenue and expense, P&L, followed by key business highlights for Q4 of 2025 and end with 2026 strategies. First, on the key metrics. [Foreign language] FY 2025 TPV increased 11% year over year to ₩185.6 trillion. Revenue TPV was ₩53.6 trillion, up 10% year on year, attesting to quality-driven growth. Driven by balanced growth across the entire business domain, FY 2025 revenue grew 25% year on year, reporting ₩958.4 billion. What's noteworthy is revenue from financial services reporting a sharp growth of 59%, with revenue mix of 40%, becoming a strong pillar supporting diversified revenue stream. Platform revenue also increased 63% year on year, meaningfully expanding business foundation. FY 2025 operating profit reported ₩50.4 billion, successfully achieving its first annual turnaround, while net income recorded ₩55.7 billion, and EBITDA came in at ₩83.3 billion. [Foreign language] Next is on business performance highlights. DAU, as of end of FY 2025, increased 5% year over year to 6.68 million, which is 27.6% of MAU, monthly active user, going up 1.8 percentage points versus 25.7% of Q4 of last year. This goes to show stronger user stickiness driven by cross-usage of wide-ranging services on Kakao Pay platform and rise in frequency of visits. Average number of transactions per user across all of Kakao Pay services in FY 2025 was 209, up 44% year on year from 145 transactions. Added expansion in user activity across all business segments and outstanding surge in financial services transactions spearheaded the overall upward trajectory. On the back of balanced growth across all business domains and notable growth from financial services, RPU increased 31% year over year, reporting ₩29,524. Next, I will invite Idris to walk through the financials and Q4 TPV. [Foreign language] Hello, this is Idris on the financials. Q4 TPV increased 14% year over year, reaching ₩49.3 trillion. Out of this, Revenue TPV was ₩14.2 trillion, up 15% year on year, accounting for 29% of total TPV. Receiving payment and money transfer showed double-digit growth year over year, driving the total TPV uptrend. [Foreign language] Payment service TPV sustained robust double-digit growth trend across all segments with a notable 18% year over year growth. For online payment, strategic marketing promotion in line with the year-end peak seasonality drove TPV growth of 11% year over year. Offline saw stronger user benefits and aggressive expansion of Good Deal brands and integration of Kakao Pay Money into Samsung Wallet, which helped to enhance convenience, leading to user lock-in effect, in turn driving sharp increase in TPV of 43% year over year. Cross-border payments successfully captured year-end peak seasonal demand, against which we strategically ran promotions at major global merchant outlets. With the added impact of adoption of NFC payment infrastructure offline, TPV went up 21% year over year. [Foreign language] Loan service TPV dropped year over year on the back of stringent government regulation on household loans, but in diversified brokerage service for alternative financial products and web-in-app implementation, we saw a rebound in TPV Q on Q, reclaiming the quarterly growth trajectory. Stock trading volume increased 159% year on year, reaching ₩45 trillion, driving a record high quarterly result. On rise in stock trades, money transferred to My Own Account increased, with money transfer TPV growth of 14% year over year. Kakao Pay Money balance stood at ₩2 trillion 285.9 billion as of end of Q4. [Foreign language] Next on revenue. Q4 revenue was up 24% versus last year, reporting ₩269.8 billion. Growth was even across all service segments, with double-digit growth as payment increased 12%, financial services 34%, and platform business 87% year over year. Digital payments saw growth across all its domains year on year as well, with online and cross-border leading that top-line growth by actively leveraging high seasonal demand. [Foreign language] Digital finance increased 34% year over year, reaching ₩112.8 billion, with revenue mix of 42% and steep growth from investment and insurance services despite loan service revenue decline following loan regulations. Investment service revenue was up 39% against a backdrop of 2.5 times year over year growth of domestic and overseas trading volume and growth in ISA and sales of pension savings. Supported by robust demand for core insurance products, thanks to diversified product portfolio and sales channel, as well as insurance database sales, all working together creating synergy, insurance service recorded high growth of 80% year on year. Loan service dipped marginally year over year following the regulatory impact, which is an external factor, but through web-in-app implementation, which improved convenience and execution of lending, we were able to capture demand for credit loans, thereby driving quarter- over- quarter rebound. [Foreign language] Platform service continued an uptrend, expanding 87% year-on-year, driven by display ad revenue growth on the back of hyper-personalized ad targeting with the underpinning of MyData. [Foreign language] Q4 operating expense was down 1% year over year, but up 12% quarter- over- quarter to ₩249 billion. Marketing expense increased 70% year on year due to core marketing with strategic partners and stronger reward programs targeted at expanding the payment coverage. But looking at FY 2025 expense, it was kept at a reasonable level of below 10% against revenue. Labor cost also was up 29% year on year on business domain expansion, including from financial subsidiaries and due to talent acquisition. [Foreign language] Commissions paid, on the other hand, had remained stable thanks to efficient cost management and the decline Q on Q supporting profitability enhancement, notwithstanding the top-line growth. Lastly, other operating expense saw 47% year on year, with the fading of the base effect from one-off expense arising from TMON and WeMakePrice in Q4 of last year. However, operating expense went up 75% Q over Q in line with higher revenue from the financial subsidiaries and on higher policy reserve requirement at Pay Insurance and derivatives and recognition of FX-related expense at Pay Securities. [Foreign language] Next is on P&L. Q4 consolidated operating profit reported $20.8 billion, going above the $20 billion mark and recorded a record high quarterly figure. This is 32% Q on Q rise, and since the turnaround of the Q1, we've been gradually improving margin every quarter, with the OP margin coming in at 7.7%. Net income was $8.1 billion, and EBITDA reported $29.3 billion. In Q4, we were able to fortify the basis for a company-wide turnaround by striking a balance between growth and fundamental resilience. Payment proved its earnings capacity, and with this as the engine, we drove volume expansion across all our business domains, including that of the financial subsidiaries. Added to this growth, cost optimization has taken a solid footing, driving tangible profitability improvement while cementing the basis for sustainable growth. [Foreign language] Q4 standalone revenue was up 16% year-on-year and 9% quarter-on-quarter, reporting ₩186.1 billion, and we are sustaining the uptrend. Standalone operating profit was ₩19.1 billion, hitting a record in terms of both consolidated and separate bases. OP margin was 10.3%, a strong double digit, while net income came in at ₩8.5 billion. Next, I will invite Jason, who will walk through key Q4 business highlights. [Foreign language] Hello. This is Jason. Let me first begin with the outcome of vertical expansion, which was our first strategic focus in 2025. Main thrust of vertical expansion was to maximize profitability, leveraging data capabilities and value chain internalization, going beyond a mere service expansion. [Foreign language] For payment, we will continue to build out a system to facilitate efficient Pay Money conversion, driving maximum synergy between digital payment and vertical expansion of general payment as we push forward with a virtual cycle underpinned by expanded value chain. By displaying KakaoPay at the top of PG, the payment gateway window, we can drive activation, which will create a revenue stream that can help us gain competitive edge in commissions, fulfilling the flywheel strategy. Establishing a sustainable business framework will be our core focus. [Foreign language] We are gaining market differentiation from our alternative credit scoring model, which is unmatched by others. We internalized the scoring model in the underwriting process of financial institutions, going beyond simply brokering the loan product. On top of traditional scoring method, we use MyData, KakaoTalk-based digital network, and KakaoPay data, combining them into a sophisticated scoring system through the use of which financial institutions can better differentiate customers by uncovering hidden assets while offering specialized products with optimal interest rates and credit limits tailored to each customer. Such differentiation, which is data-driven, creates a virtuous cycle leading to strong product competitiveness and customer lock-in. [Foreign language] For insurance, we're focused on securing new revenue streams through a sub-agency model by innovating the consultation process. By collaborating with professional SAs, we can lower operational risk of running an agent organization while enhancing efficiency. By expanding data-driven consultation, we will deliver consistent user experience from acquisition to execution of insurance policies. We've gone through a standardization phase, moving to system internalization and adoption of AI-powered consultation advisors under the aim of achieving sector-leading productivity by 2027. Next, Jeff, who heads the services, will present on the second and the third key strategic directions. [Foreign language] Hello. This is Jeff. Let me brief you on KakaoPay's second strategic direction, which is data-driven performance. We established a highly sophisticated data business that turns vast amounts of company data into revenue streams. As of end of 2025, we have 22.11 million MyData users, 42.06 million Pay Data users, making up an unmatched data ecosystem, which is used for precise targeting of customer needs and recommending Next Best Action at the most appropriate timing, all of which are leading to notable conversion growth. By analyzing such an integrated set of data, we are able to unlock new segments, developing services and products that are different and new to the current market. [Foreign language] Moreover, we are strengthening core competitiveness of service offerings via data-driven USP. Total History, for instance, integrates fragmented payment data on a real-time basis, which leads to higher user visit frequency and lengthens the dwell time. We also have an auto alert feature notifying the user of main financial events such as paying up interest on loans and paying credit card bills, which are effective in locking in customers as they help users to better manage their finances. Lastly, Security Guide and Asset and Credit Protect messaging help activate users who are not yet linked up while strengthening the current active user base. Through such hyper-personalization strategies, we plan on expanding high-margin revenue and drive quality growth in which data directly translates into tangible operational leverage. [Foreign language] Next, on the performance of Platform Play, which is the third strategic direction, we are going beyond our previous core user base, expanding into active seniors, young segments, and foreigners as we build upon the user base and forming a virtual cycle where new acquisition and retention feeds into one another. We are securing a growth engine by offering financial services optimized for the lifestyle of each segment with a full-spread display of such features. For instance, for seniors, a home screen with bigger fonts and phishing prevention features are used, and for teens, we've upgraded specific content catering to teens such as teens' number, driving a distinctive user experience. Also, in Q4, we rolled out Global Home, making a big improvement on access and convenience for foreign users across key financial services such as money transfer, payment, and card issuance. Based on refined data analysis and personalized and targeted content, we will strengthen retention across all age groups and will continue to fortify the fundamentals of the platform services. Next, Eddie, head of operations, will run through KakaoPay Securities and Pay Insurance. [Foreign language] Hello. This is Eddie. Q4, KakaoPay Securities stock trading volume was up 159% year-on-year, reaching ₩45 trillion, with the number of customers going up 170% to 1.35 million as growth sustained. Q4 revenue thus was up 37% year-on-year to ₩72.8 billion, with operating profit at ₩18.4 billion, hitting a historical record. Revenue for the full year was ₩242 billion, growing 77% versus last year, while operating profit came in at ₩42.7 billion, writing a meaningful milestone of annual turnaround. This achievement was driven by a strategic product lineup expansion in step with strong stock market trends and offering of unmatched convenience from a user's perspective and innovative features. Upon competitive new acquisition costs and high operating leverage, a stable profit-making streak was established as 2025 was a year where we achieved a leap in profitability growth. Total deposit asset increased 139% year-on-year, reaching ₩9.3 trillion, with stocks up 197% year-on-year to ₩7 trillion on rapid expansion of overseas stock trading. Growth in deposit asset for 2025 was encouraging because key lever was net inflow from user funds rather than a simple rise in stock prices. All in all, Q4 net inflow was ₩2.7 trillion, up 76% quarter-over-quarter. [Foreign language] In Q4, notable performance came from ISA account and pension savings as we tapped into year-end demand for tax savings solutions. Over 100,000 brokerage ISA accounts were opened in just two months since its rollout, attesting to strong product competitiveness. By enabling account setup with a single tap and semi-automating account transfer process from other institutions, we lowered the entry barrier and also used dashboards to display the amount of tax money saved so users can intuitively see the benefits, making the environment conducive to investing. Pension savings also showed record performance of landing at the top 5 ranking with the number of accounts surpassing 380,000 in just one year since its rollout. We introduced pension-specific features such as automated transfer exceptions in Q4, gaining a competitive positioning in mobile-optimized user experience. We will evolve into a comprehensive asset management platform, helping customers grow their assets, riding on the popularity of such tax-efficient products. [Foreign language] Moving on to KakaoPay Insurance. In Q4, the company sustained a top-line uptrend supported by diversified sales strategies. Q4 growth premium written increased 87% year-on-year and 19% quarter-on-quarter, reporting ₩19.6 billion. This is an outcome of successful business model expansion based on the three-engine system cutting across B2C, B2B2C, as well as B2B, and also due to portfolio construction around regular premium products with a clear focus on profitability. With a focus on key categories such as children's insurance and mobile phone insurance, regular premium revenue continued an uptrend, while children's insurance saw strong Q4 sales for maximized marketing efficiency at each of our customer touchpoints as we focused on seasonal coverage such as flu protection. Regular premium, forming the foundation of top-line growth, grew 260% year-on-year, reporting ₩5.6 billion, while its share out of total premium written increased 13.3 percentage points, recording 27.7%. Next, I will invite Alan Baek for ESG and 2026 strategic direction before we end the presentation. [Foreign language] This is Alan again. KakaoPay's sustained ESG endeavors are being recognized by Korea's major institutions, and we were given a combined ESG A rating from KCGS. In terms of environment, we set long-term goals and detailed strategies against climate change and achieved an 11.9% renewable energy transition rate by sourcing renewables, which drove improvement in environmental performance, supporting the maintenance of A ratings. In terms of the social pillar, where we had the biggest outcome, we were given A+ ratings, two notches up versus last year, in recognition of safety and health, human rights-centered management, information security, and community engagement, which was a testament to our industry-leading capabilities. In terms of governance, by evaluating the BOD and respective committees, we strengthened transparency, going over ESG issues at the board level, which earned us A ratings, moving one notch higher versus last year. [Foreign language] Next is shared growth achievements. We hosted a 2025 long-run event with record high turnout and a history of running events in Korea, with 265,000 people participating and raising ₩2 billion in funds for donations. By completing the mission of achieving 20 billion cumulative steps taken, we made the donation to a Working Together Foundation and small vendors. The 'Orae Orae' campaign for shared growth was also awarded a POC from Small Enterprise and Market Service for supporting 264 brands to make market inroads over the past three years. We estimate that the pop-up store support helped small merchants to save around ₩6.44 billion in operating expenses and 150,000 work hours. We also received commendation from Credit Counseling and Recovery Services for preventing credit risk for youngsters and for spreading healthy credit culture through the Credit Education for Soldiers. In commemoration of 2025 OECD Global Money Week, we ran a successful training catering to the needs of the military personnel. KakaoPay will continue to strengthen its ESG activities aligned with our business to fulfill social responsibility and to open up a sustainable future. [Foreign language] Last but not least is the company's 2026 growth strategy. In order to sustain business and financial outcomes achieved in 2025, we've set our direction forward for 2026. We will continue with the three core directions of vertical expansion, data-driven monetization, and platform play supported by the traffic, riding on the performance of last year. To this end, we will add two more engines, one of which is to prepare for new domains. Stablecoin, with legislation underway, and blockchain and opportunities connected to STO will become important new business domains for KakaoPay, and we will be making thorough preparations. Next, together with the Kakao Group and its affiliates, we will actively explore opportunities to drive synergies in which Kakao Group's strong pivot can have meaningful impact. We are reviewing multiple opportunities for collaboration and synergies around AI-powered services, and I believe this will lead to additional engines for growth, not only for KakaoPay but also for the group affiliates. In 2026, KakaoPay will continue to drive growth and innovation, providing better and improved financial experience while living up to its social responsibilities. Thank you. [Foreign language] Now Q&A session will begin. Please press star 1, that is star and one, if you have any questions. Questions will be taken according to the order you have pressed the number star 1. For cancellation, please press star 2, that is star and two, on your phone. [Foreign language]. The first question will be provided by Sinyoung Park from Goldman Sachs. Please go ahead with your question. [Foreign language] Thank you for taking my question. I am Park Sinyoung from Goldman Sachs. I would like to ask you two questions. I'd like to first gain some color as to what your views are in terms of the revenue growth outlook for 2026. In 2025, we've seen gradual improvements in the profit on a quarterly basis. What would be your take for 2026? Just getting a rough color would be appreciated. In terms of your three key business areas, which are the payment, finance, and platform, I would think that the way that the top-line growth as well as the profit improvements will actually play out and pan out would be quite different. So it'd be helpful if you could just give us more detail on that aspect. Second question has to do with your securities business. In Q4, there was a significant contribution to your performance made by KakaoPay Securities, and I'm sure that that improvement was driven also in some part by the bullish stock market. But with regards to certain limitations and constraints that are currently being put on, particularly for the overseas stock trading with the subdued amount of marketing activities that is recommended, I'm just wondering whether that will have an impact on your expansion of the business going forward. So just give us some color on how your securities business will play out going forward. [Foreign language] No, this is CFO Idris. Responding to your question about the guidance, basically for 2026, we are looking towards a top-line revenue growth and a guidance of around 15% to 25%. We actually achieved a very successful turnaround back in 2025, and we now have quite stable financials. Upon such fundamentals, we will further drive top-line growth, and that growth will drive profit enhancements as well, leading to gradual increases in operating profit. So this actually is the virtuous cycle that we will continue to strengthen. [Foreign language] Going on to each of the business lines, first is payment. If you look at our online commerce market, the overall backdrop had been very competitive. But in Q4, we proved our competitiveness in payment through efficient marketing and stronger collaboration with key strategic merchants and semi-captive markets. In 2026 as well, we expect there to be high growth of cross-border and offline and robust online performance as well based on Pay Money. We believe that this will continue to form a strong pillar behind the top-line growth of the company. [Foreign language] Second is on the financial service business. Now, due to the household loan regulation, loan business is quite challenging. But through refined targeting and improved efficiency in user matching, we will look for growth opportunities despite such headwinds. In terms of the insurance services, in line with the growth of the existing products such as the traveler's insurance, mobile phone insurance supported by MyData, we are seeing a continuous uptrend in insurance DB sales. We also expect that our top-line growth will be driven by the subagency business as we go forward. For the KakaoPay Securities business as well in 2026, I believe that there is going to be a meaningful top-line growth. Also, we believe that this year we will be able to achieve a good result in terms of turning the new customers into active customers. Our successful formula will enable that. Also, by constructing the investment portfolio with various different components such as domestic and overseas stocks and pension and ISA and fund, we will continue to strengthen cross-selling opportunities. [Foreign language] In terms of the platform business, the way we see the platform business is that they are high-value businesses, including advertisement, card, and brokerage for telecom services. Our drive will be towards improving and enhancing its profitability. All in all, in summary, 2026 will be a year in which we achieve both top-line growth and improved profitability, building on the stable foundation of our payment business while adding qualitative growth in our financial and platform services. [Foreign language] This is Eddie responding to your question about KakaoPay Securities. In Q4, as you've correctly mentioned, stock trade volume was ₩44.9 trillion, up 32% quarter- over- quarter and 159% year over year. Domestic market has been bullish recently, with domestic volume growing 51% quarter- over- quarter and 279% year over year, with its share expanding from 43% to 50% in the Q4. As a result, domestic and global trading volume split is now 50/50. Domestic credit transaction performance is also growing quickly, doubling year over year as of the Q4 and growing 1.3 times quarter- over- quarter. We expect such trend will continue in the Q1 of 2025. [Foreign language] It's also true that we are shying away from excessive marketing for overseas stock trade, changing the pivot to domestic trade in terms of marketing and providing rewards to our customers. I'm sure you would also in that flight have certain curiosities and questions regarding the margin structure in light of the current bullish stock market domestically. If you look at the take rate, it's true that overseas stock trading has six times higher take rate versus domestic, but market size for domestic stock trade is five times bigger with bigger ticket sizes. Credit transaction performance is also rising very quickly, making up for the downside factors. We don't believe this to be of a big risk to our bottom line. [Foreign language] Now, for the 2026 strategies, I will talk about retail and the IB business separately. First, if you look at retail, there are three strategies from a user engagement perspective. One, number of new account openings. Two, uptrending active user conversion. Three, actively incorporating customer VOC in order to deliver convenience and functionality while building on the community feature and focusing on AI theme to scale up the customer funnel. Converting new customers to active customer, which is our formula for success, will continue to work in 2026 as well. We will broaden the pool of active customers through highly refined customer engagement strategies. Also, to leverage growth momentum that we are seeing in the market in 2026, we will beef up domestic trade and margin business, applying success formula we acquired from overseas businesses. We will also be utilizing pension accounts, ISA, fund, and other financial products for cross-selling purposes so that customers can better construct their portfolio and for us to fortify the basis for robust and healthy growth. [Foreign language] In IB business, we are hiring top talent as we speak and expect to diversify into a wide-ranging revenue stream in 2026 as we move the dependency away from real estate brokerage. Regarding the token securities-related bill and the amendment to the Capital Markets Act, KakaoPay Securities is participating in the KDX consortium, and we will be able to contribute in making securities products that can better appeal to users. KakaoPay Securities achieved a turnaround in 2025, entering into a secular upcycle with all metrics such as stock trading volume, number of transactions, customers, deposit, and net inflow all showing an uptrend. In 2026, upon this robust trajectory, we will do cross-selling revamp services in order to target more than 50% year-on-year revenue growth and to achieve additional operating profit growth. [Foreign language] Next question, please. [Foreign language] The following question will be presented by Dongwoo Kim from Kyobo Securities. Please go ahead with your question. [Foreign lamguage] Thank you for taking my question. My question relates to your AI strategy. I believe that Kanana in KakaoTalk is going to be rolled out in the Q1. I'm wondering what role will KakaoPay play under this initiative, and what is the timing for us to see an impact on your TPV? Would like to gain some color there. Thank you. [Foreign language] Hello. This is Jeff responding to your question on the AI strategy. First, on the role of KakaoPay in the early version of Kanana in KakaoTalk, it is as a key partner that provides optimal finance and spending solutions to users inside the Kanana services. Meaning, we will first connect to key features of finding personalized benefits powered by AI, which has already been validated inside the application. Basically, within the concept of dialogue happening inside KakaoTalk, when a user needs to have information on payment benefits, the response will be served immediately. Later, we will be expanding this connection to AI-driven health management based on users' health data, and users will experience pay services seamlessly on the KakaoTalk platform. In terms of the timing of the upturn in TPV, as pay service discovery is expanded through Kakao's AI agent from this early version of connection, it will, of course, drive inward traffic. In terms of, however, real upturn in TPV, it will come when Kakao's agentic commerce comes under full swing. To this end, we want to create agentic payment experience going beyond a simple offering of point solution and payment, but creating a bridge between agent's product or benefit recommendation and the act of making a purchase. This is what we're currently designing together with Kakao. [Foreign language] Now, lastly on the plan to connect PI and Kakao's agentic AI platform. In KakaoPay, we are building specialized agents for different finance domains and organically linking it to Kakao's AI platform. Once the structure and framework is complete, whenever a new finance agent is developed, we can very quickly and easily scale to Kanana without having to go through complex steps. In 2026, you will be able to see how PI actually makes the lives of financial service users more seamless, not just in the Pay app but also inside the KakaoTalk channel. [Foreign language] Next question, please. [Foreign language]. The following question will be presented by Yoon Yoo-dong [Foreign language] Thank you for taking my question. I am Yoon Yoo Dong from NH Securities. I would like to ask you a question about your payment business. The e-commerce growth recently has slowed down, and despite that, I understand that your payment business performance is better than what we had expected. So what is your take on the outlook for the payment business in terms of growth for 2026? You also mentioned that you are planning to start the general payment business as well. What strategies would you be employing? If you could shed light for the online, offline, and cross-border business, that would be helpful. Also for the online, if you could split that answer into captive versus non-captive, that would be appreciated. [Foreign language] This is Jason taking your question. We cautiously project slightly higher growth versus mid-single digit growth that we've seen in 2025. The economy will continue to be sluggish with slowing consumption in 2026, but we expect KakaoPay will achieve higher growth driven by strategies that are unique to KakaoPay. In online captive payment, we will focus on scaling up synergies with our key affiliates. Working together with Kakao Commerce, we will actively expand market share of Pay through exclusive seasonal promotion and general payment service expansion. Especially with Kakao Mobility, Pay Money will be added to the payment method starting the Q1. We expect this will drive high-frequency traffic from Kakao Driver and Bike into the Pay Money ecosystem, triggering concurrent growth in sales volume and mainstreaming of our product as well. Afterwards, we will be expanding it into Kakao Taxi as well. In online non-captive segment, by diversifying the portfolio, we will drive stable growth and expand the TPV basis. For instance, going beyond the shopping domain, we plan to add OTA, the airplane ticket purchases, rental fee, long-term insurance premium, which are so-called everyday finance-relevant domains which are less sensitive to economic cycles. We will also expand acceptance points at large merchants like Hyundai.com and HiMart, while also expanding into semi-captive merchants such as Olive Young and Shinsegae Duty Free. We will also identify new revenue streams based on collaboration with hosting providers like Cafe24 and through AI commerce cooperation. Through efficient marketing spend, we will achieve both the top-line growth and bottom-line improvement. [Foreign language] For cross-border online payment, growth will be led by partnership with global big tech companies. We plan on expanding share in key merchants like Google, Apple, and e-commerce providers with a targeted discount promotion. We're also going to onboard new key accounts such as Disney+ and Apple Online Store in order to drive structural growth of cross-border TPV. For cross-border offline, we're expecting notable double-digit growth versus last year. I say this because of, number one, scalability in the outbound market, number two, top-of-mind awareness gained through integrated travel platform called Voyageur, and number three, stronger market position in both inbound and outbound market. [Foreign language] In the second half of FY 2025, by enabling Android-based NFC, KakaoPay was integrated with 150 million MasterCard merchants, which is driving TPV in Western markets of Europe and North America. We are making technical and strategic preparations to support iOS-based NFC payment and plan on service rollout in the first half of this year. With this, users of KakaoPay can benefit from seamless cross-border payment experience free from the constraints of device or payment method. Now, Voyageur, which is an integrated platform for traveling, is scheduled for Q1 '26 release. It's more than a simple payment method. Traveler's entire journey is vertically integrated, leveraging data generated from the pre-trip stage, upon which optimized payment-related benefit is pushed out to the user when he or she is at the local destination. This is part of an end-to-end travel lock-in strategy, keeping the user to stay on the KakaoPay platform. Recently, we are also seeing K-culture gaining more prominence, and foreigners have shown growing interest in taking a trip to Korea, which is translating into a positive inbound performance. As of 2026, the number of wallets supported when foreign visitors come to Korea have increased to 31 wallets, including China's Alipay and Japan's PayPay. Now, for general payment, we plan to focus on development and system buildout during the first half of the year, and we'll be able to update you on the concrete rollout plan once it is ready in the second half of the year. 오퍼레이터 시간 관계상 마지막 질문 받겠습니다. We will take the final question. [Foreign language]. The last question will be presented by Jin-goo Kim from Kiwoom Securities. Please go ahead with your question. [Foreign language] Thank you. I have a question on an overarching issue, which is recently we've seen the legislation process for stablecoin is being delayed. Would like to understand as to how the stablecoin business is undertaken within KakaoPay as well as the overarching Kakao Group. From two perspectives, if you could explain as to respond to my question, because you previously mentioned that they're in a joint council where Kakao, Kakao Bank, and other group affiliates are participating. Would like to know as to whether you're also considering collaboration with third-party partners. You've mentioned that you are looking at the technical feasibility from a POC perspective across different service domains such as payment, money transfer, etc. What would be some concrete and practical use cases that you are currently envisioning? What is the role of KakaoPay in this greater scheme of things, and what is your differentiating opportunity? [Foreign language] This is Allen. I would like to respond to your question, and I would like to say that yes, we are fully aware of the uncertainties regarding stablecoin-related legislation, regulation, and the timeline of such. We need to make preparation in line with what's happening in Korea as well as globally, so we are fully mindful of all of these comprehensive factors. At the group level, together with Kakao, Kakao Bank, we have a council where we talk about digital assets, which also includes stablecoin. We're not just having internal discussions. We're engaging with third-party partners, Korean and global, in meetings and discussions talking about multi-party collaboration arrangements, technical connections, and division of R&R. Although I cannot disclose what's under discussion due to reasons of confidentiality and market impact, I can say that such discussions involve partners who can bring synergies to payment, transfer, settlement, which are practical domains. [Foreign language] In terms of use cases, rather than thinking of stablecoin as a new investment product or a standalone service, we consider it as a technology that will drive efficiency from the existing payment, money transfer, and settlement infrastructure. Internally, scenarios we're looking at include making cross-border transfer and settlement more efficient, streamlining payment flow on platform and for commerce, and enabling what was difficult to implement under the legacy infrastructure such as repetitive or conditional payment. For these scenarios, rather than showcasing it on the customer-facing interface, stablecoin will make the internal structure more efficient while user experience in payment and money transfer are left unchanged. The opportunity that we're seeking is not a one-time coin issuance or short-term business case, but one that seamlessly connects to large-scale payment and transfer traffic, which is already used on a daily basis. More concrete plans on business structure and timeline are upcoming once the regulations are set. We will make an update when that time comes. [Foreign language]. This brings us to the end of the Q4 2025 earnings presentation by KakaoPay. Thank you, everyone, for joining us today. For more questions, feel free to contact us at the IR team. Thank you very much.