Good afternoon. Thank you for joining Kakao Pay's Q3 2026 Earnings Release Conference Call. After the presentation, we will open the floor for Q&A. If you'd like to ask a question, please press star key and one. Now, let's begin with the presentation. Good afternoon. This is Allen, CEO of Kakao Pay. Thank you all for joining our conference call for the third quarter of 2026. I will begin with key metrics, including TPV, consolidated operating revenue and expense, P&L, followed by key business highlights for Q3 2026. First, on key metrics for the quarter. Q3 2026 TPV was up 14% YoY, reporting KRW 53.7 trillion. Supported by payment and digital finance-led growth, revenue TPV expanded 22% YoY to KRW 16.5 trillion, further solidifying the transaction base anchored by profit. Q3 consolidated revenue rose 27% YoY to KRW 302.1 billion. Investment business underwent correction QoQ due to external volatilities in the market, but digital finance and payment overall sustained a robust double-digit growth trend. In particular, payment revenue mix expanded to 51%, demonstrating a solid profit stream. Q3 operating profit increased 105% YoY to KRW 32.5 billion, with OP margin at 10.7%. EBITDA was KRW 41.6 billion, and net profit KRW 32.9 billion, with net profit margin posting 10.9%, as we continue to demonstrate stable earnings capacity supported by broad-based double-digit margin. Next is on the business performance metrics. Daily active user of Kakao Pay grew 7% YoY, breaking the 7 million mark for the first time. The share against MAU was also up 1.1 percentage points YoY to 29%. With broad-based expansion of core services such as on/offline payment and asset management, we continue to see strong quality-driven growth in the user traffic. Average transactions per user in Q3 increased 15% YoY to 87 transactions. With cross-usage across brokerage, payment, and benefits gaining traction, transaction density in everyday scene became stronger. Q3 ARPU recorded KRW 12,388, up 23% YoY, driven by double-digit top-line growth of the core businesses, including payment and digital finance. Next, CFO Aiden will brief you on Q3 TPV and the financials. Hi, this is Aiden, the CFO. Q3 total TPV increased 14% YoY, reporting KRW 53.7 trillion. Revenue TPV grew 22% YoY to KRW 16.5 trillion, with its share expanding above 30% against the total TPV, as we solidified and stabilized revenue generation anchoring on payment services. We saw strong double-digit YoY growth across all of the service domains, including payment, financial services, and money transfer, which in turn drove total TPV expansion. In terms of breakdown, payment service grew 25% YoY, driven by growth seen across all segments. There was seasonal demand during the Chuseok holidays and synergies with the group, and on marketing impact from key merchant partners, both captive and non-captive performances were good, driving online payment growth of 18% YoY. Offline payment was up 44% YoY on a diversified and digital portfolio of benefit offerings and stronger user loyalty. Cross-border payment also grew 28% YoY, thanks to capturing of payment demand from inbound tourists and expanded promotions and strategic global partners. Digital finance and money transfer also sustained solid growth. Long distance achieved a double-digit growth turnaround YoY on strong and nimble product lineup aligned with changing financial environment and high engagement user targeting. Money transfer grew 11% YoY on the back of higher usage of transfer to my own account connected to stock trading. Stock trading volume grew 139% YoY, reaching KRW 81.6 trillion. Kakao Pay Money continued its uptrend with the end of Q3 balance at KRW 2 trillion 807.7 billion, proving strong user lock-in and stable fundamentals even amid external uncertainty. Next is operating revenue. Q3 revenue was up 27% YoY, reaching KRW 302.1 billion, driven by solid growth from the core businesses. Amid widening volatilities in financial markets, there was a QoQ decline, but the share of payment service in the revenue mix increased to 51%, attesting to solid and stable earnings capacity. By segment, payment service was up 19% YoY to KRW 154.7 billion, sustaining a well-balanced top-line expansion across online, offline, and cross-border payments. In particular, Chuseok holiday seasonality, synergies with Kakao Group affiliates, and alliance marketing drove growth in both captive and non-captive on a QoQ and YoY basis. Digital finance revenue was up 41% YoY, reaching KRW 133.4 billion. With revenue declining from stock market uncertainty, QoQ revenue fell 24%, but strong growth from insurance and loan business supported the floor. Under digital finance, investment revenue declined QoQ on the back of subdued global stock market performance and FX fluctuations, but grew 32% YoY on higher trading volume. Insurance posted strong 80% YoY growth on the back of robust sales of overseas travel insurance, mobile phone insurance for new smartphone rollouts, and DB sales expansion. Loan business turned to 18% YoY growth on a rise in credit loans from targeted marketing and diversification of product offerings aligned with changing market environments, marking four consecutive quarters of growth. Platform service revenue was flat YoY at KRW 13.9 billion. As it was the slow season for advertisement, we carried out optimization work to enhance user experience, making stricter criteria for ad loading, which drove a 25% decline QoQ. Moving on to operating expense. Q3 operating expense was KRW 269.6 billion, up 21% YoY and down 2% QoQ. With a personalized lifecycle campaign used as a lever for securing mid-to-long-term growth of the investment business and expanded strategic marketing targeted for user acquisition, marketing expense was up 55% YoY. But its share of the cumulative revenue in Q3 was kept around 10% as we continue to adhere to an efficient spending stance. We are continuing to invest into key talent, and due to annual bonus pay and wage increases, labor cost was up 8% YoY and 4% QoQ. Commissions paid increased 16% YoY on higher payment-linked commissions, such as PG fees and expanded infrastructure costs. Other operating expense rose 56% YoY, but due to a stabilized exchange rate, derivatives and FX-related losses narrowed, driving expense down by 41% QoQ. Next, on consolidated P&L. Operating profit in Q3 was up 105% YoY to KRW 32.5 billion, with OP margin at 10.7%. EBITDA expanded 73% YoY to KRW 41.6 billion, with margin at 13.8%, and net income was KRW 32.9 billion, with net income margin at 10.9%. During Q3, because of a sudden shift in global stock market movements, investment revenue came under correction, slowing the QoQ profit trend. But underpinned by solid earnings anchored on payment, all the metrics sustained an uptrend on a YoY basis. All in all, the company has shown steady double-digit margins across operating profit, EBITDA, and net income, demonstrating robust earnings capacity unhindered by external volatilities. Now, briefly on Q3 standalone results. Separate basis revenue rose 20% YoY to KRW 204.9 billion, breaking the KRW 200 billion mark for the first time. Standalone operating profit was up 160% YoY to KRW 24.9 billion, with OP margin at 12.2%, sustaining from double-digit profitability. Net income was KRW 26.1 billion, with net income margin at 12.7%, yet again proving solid profit capacity anchored on core businesses. Next, I will hand over to Jason for Q3 performance highlights. Hello, this is Jason, the Business Lead. I will begin with payment. Q3 online payments has grown in both scale and quality, powered by the combination of strong synergies with captive commerce and robust growth driven by strong quasi-captive strategies deployed in the non-captive segment. In captive, we are strengthening cohesiveness as we expand Kakao Pay's payment synergies within the commerce ecosystem of Greater Kakao. Coupled with strong collaborations in Kakao Pay-centered promotions for key categories during the peak season, including the Chuseok holidays, we optimized payment UI and UX so that users can easily identify offered benefits, which resulted in 3 percentage points YoY rise in Kakao Pay's share within the Kakao commerce scene. Through such co-marketing expansion and optimization of payment experience, we demonstrated stronger lock-in effect of commerce users to payment offered by Kakao Pay, and we expect such uptrend to continue in Q4 as well. On the non-captive side, supported by strategic partnership with top merchants of high-growth categories and precision-based targeted marketing, we are rewriting both TPV and revenue record every quarter. As such, Q3 non-captive TPV grew 26% YoY, sustaining a steep uptrend. By leveraging distinctive analytics capabilities of MyData and combining massive payment data held by the company, we were able to precisely match personalized benefits to users, which in turn drove conversion, leading to growth in payment frequency and TPV per user. On the flip side, this highly efficient data-centric marketing capabilities have the effect of pulling the customer segment that partners wish to engage as their touchpoint. This sets us apart from our peers as we deliver differentiated collaborative value. This form of collaboration strengthens key merchants as a quasi-captive segment while growing Kakao Pay's share in such strategic merchant base, thereby building a virtuous cycle. Next, Jeff, who heads our services division, will run through AI service. Hello, this is Jeff, Head of Services. I will begin with how AI technology is scaling up the financial experience. With the adoption of generative AI into users' everyday financial scene, we are offering an ultra-personalized experience as we make breakthrough movements in efficiency or on-platform service discovery. First, AI Coach as a financial agent that analyzes user spending to help set and reach spending goals. August to October end cumulative visitors surpassed 450,000, displaying a steep uptrend in user flow. Expanded use of MyData and improved AI model performance now deliver a much better experience in goal setting and voice input than before. We will expand use cases across asset management, keep enhancing model performance, and develop a highly sophisticated financial agent. Also, for the new AI Search service introduced mid-September, by implementing a conversational interface and an AI snippet which captures the search intent with precision, we were able to maximize efficiency of information discovery. By seamlessly making the connection to conversion aligned with user financial needs, even though we've only started it, we saw the share of financial service conversion via the AI Search feature quickly expand to 8%, which is a noteworthy result. Going beyond simple information delivery, we will expand the agent experience with a perfect connection of practical services underpinned by user context. I will now walk through our major subsidiary, Kakao Pay Securities earnings. Notwithstanding external volatilities, Kakao Pay Securities broadened its solid customer base and diversified its lineup of services as we continue to build up the fundamentals. We saw stabilized customer lock-in as seen from actual demand such as monthly user counts, and reached 600,000 pension savings accounts, driving sustained growth of mid-to-long-term products while improving the business fundamentals, particularly in overseas and installment products. As of end September, assets under management was up 167% YoY to KRW 19 trillion, and cumulative net inflow increased 320% YoY to KRW 10 trillion, confirming that we have the fundamentals to leverage a future stock market rebound. In Q3, revenue reported KRW 74.6 billion, and operating profit was KRW 15.7 billion. Although there was a QoQ decline due to a subdued domestic and overseas trading and FX volatilities, we drove stronger new customer onboarding through diversified entry points, financial products, and services. Moving forward, we will be enhancing the product lineup around installment and long-term investment to ensure a stable trading foundation that can withstand market headwinds. Kakao Pay Securities' platform capabilities are also becoming stronger. On the community side, we have solidified on-platform user lock-in by scaling up the flow that connects information usage, participation, and relationship building. Through this community, we established a business flywheel between convenience on transaction and activation of repeat visits. As a result, in just one year since adoption of enhanced features and a follow feature, community MAU surfaced 1.9 million as of end September, up 171%, with more than 3 million followers. We also ran a community promotion for domestic fractional trades, facilitating user conversion while strengthening the growth funnel. Also, since August, we opened fractional trades for domestic stocks, introducing a system where orders for both whole and fractional shares can be placed, thereby significantly improving accessibility to investments and widening the user pool. We also opened an in-app stock service on the KakaoBank app, driving synergies across Kakao Group's financial subsidiaries, laying the basis for partner channel expansion. We're also building upon the product lineup to provide discipline to users' investment behavior, anchored on stable asset accumulation. Next, moving on to Kakao Pay Insurance. Supported by channel-based acquisition expansion and product competitive edge, the company rewrote its quarterly revenue record once again. Q3 revenue was up 93% YoY and 26% QoQ to KRW 32.2 billion, breaking the KRW 30 billion quarterly mark for the first time. Thanks to the B2C product revamp tailored to user needs, stepped-up marketing, and robust performance from B2B2C embedded partners, we drove balanced growth across both channels. We continue to expand the share of long-term regular premium products, riding the strong growth of new and core products, and the health insurance revamp. Pet insurance, launched in March, received the Brand of the Year award for providing customer-centered coverage and convenience, ranking first place in the pet insurance segment. Mobile phone insurance achieved record-high growth of 127% YoY in new acquisitions on the back of market share expansion and new flagship model releases. Health insurance saw its new policyholder acquisition grow 160% QoQ following the upgrade made on personalization using MyData analytics on insurance coverage, which drove quality enhancements of long-term regular premium products. We will continue to offer innovative products benefiting everyday life while expanding our long-term protection product line to drive both top-line and bottom-line improvements. Now, I will invite back Allen to run through the update on the stablecoin business, ESG, and future plans. Let me now provide an update on next-generation digital asset business and stablecoin ecosystem. To proactively respond to the future of payments, we laid the foundation for a next-generation digital asset payment architecture, anchoring on Kakao Super Wallet. For this digital asset payment network to take root, not only easy wallet usability, but also globally standardized IT network and security infrastructure are essential. To that end, we formed a strategic alliance with leading global companies such as Circle, Fireblocks, and Grab to secure core infrastructure for global settlement, security validation, and cross-border distribution. Also, during the recent Next Finance Korea event, we presented a detailed roadmap on next-generation digital asset ecosystem. We shared the future direction of the KRW-based stablecoin business, which can immediately be brought into the payment and money transfer domain, and presented concrete plans on building the infrastructure, supporting issuance and distribution through settlement. We proposed open standards in which companies across financial and non-finance sectors would participate. We also ran a tech demo showing overseas wallets being used at local merchants and autonomous payment by the AI agent, validating commercial feasibility. Based on proven technology and global partnerships, Kakao Group will take the lead in standardization and infrastructure in the next-generation digital finance and the payment market. Let me next turn to ESG performance. Thanks to our continuing efforts towards sustainable growth, we had noteworthy ESG results. First, on ESG ratings and environmental performance. Kakao Pay scored 6.3 on the Bloomberg ESG score, earning recognition as a leading company in the software and tech services industry. Kakao Pay was recognized for its higher ESG disclosure across all three pillars, environmental, social, and governance, compared to its peers. On the environmental side, following renewable energy purchases in 2024 and 2025, we completed an additional purchase of 3,000 MWh of renewable energy in Q3, expanding the share of renewable energy from 12% to 21%. In line with our renewable energy transition roadmap, we aim to achieve 100% by 2040. On shared growth, we opened our 2026 small business campaign, "Orae Orae Together Store", in Seongsu-dong. We selected 100 small business brands and ran the campaign for two months, providing a sales channel and promotional supports. We also stepped up our efforts to nurture 100 young digital finance leaders through our "Blind Spot Supporters" program. It supports digital finance education, holds hackathons, and runs digital transformation campaigns. Also, through an MoU with the Seoul Family Center, we distributed guides in four different languages to support foreign residents and multicultural families. We also expanded the reach of our "Blind Spot Pay School" program to include seniors and young people in remote areas. We provided AI and digital financial literacy training and financial fraud prevention education to 1,000 senior citizens across 50 institutions, as well as tech and career education camps for youth living in remote areas. Kakao Pay will continue to fulfill its responsibility by creating social value in the digital finance sector, with a particular focus on supporting socially underserved groups. This wraps up the key highlights for Q3 2026. Despite market volatility, solid payment growth and improved fundamentals across overall finance business proved our earnings capacity this quarter. For the payment business, we further strengthened market dominance through data-driven alliances and Kakao ecosystem synergies. Broadening of the core businesses was an essential pillar behind overall revenue stability. On this basis, standalone quarterly revenue for the first time reached the KRW 200 billion mark, with double-digit OP margin strengthening structural stability in earnings. For our subsidiaries, securities is broadening the asset base around real demand, and insurance is expanding its portfolio of regular premium products as we build a framework capable of withstanding external headwinds. Through AI services that benefit our daily financial needs and next-generation digital asset infrastructure built on global standards, we are making strides in securing competitiveness for the next leap forward. We will continue to bring quality platform growth through synergies with the Kakao Group and deliver results that live up to the trust of the market and our shareholders. Thank you. [Non-English content] 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. [Non-English content] The first question will be provided by Sinyoung Park from Goldman Sachs. Please go ahead with your question. [Non-English content] [Non-English content] Thank you. I am Sinyoung Park from Goldman Sachs. Would like to ask you two questions. First question relates to stablecoin. I understand that FSC has recently announced that they will soon be tabling the Framework Act on Digital Assets in November. So would like to understand what impact this will have us going forward. Considering the fact that this will be an initiative that will be led by Bank of Korea with bank at the very helm, would like to know what is the realistic timeline for the stablecoin, the legislation to actually take place. Also, from your perspective, the whole opportunity regarding stablecoin, is that beneficial in the aspect of actually reducing the payment-related fees and commissions, or should we consider stablecoin as a new revenue source? You have mentioned in the presentation that during the third quarter, you have entered into various partnerships with global companies like Circle, Grab, and Fireblocks. I would like to know what the developments are as of today, and also if you could share some specific plans, that would be helpful as well. Second question relates to your securities business. I would like to understand the quality of the AUM of the customer assets. I ask that question because in the second quarter, the AUM has actually tripled, reaching KRW 21 trillion. But in the third quarter, that trend had quite slowed because of the overall market backdrop. I would like to understand as to what the net new money inflow is and how much of it is attributable to the changes in the asset price and the asset value. When the market momentum actually sours, what impact would it have on the retention of the customer AUM? [Non-English content] This is Allen responding to your question about stablecoin. There are many factors in play, so it is quite difficult to pinpoint the exact timing. But if the bill is tabled in the month of November, and typically considering the typical duration that legislation takes, commercialization is highly likely in 2028. But internally, we cannot also rule out the possibility of a delay in the legislative process due to the overall backdrop. [Non-English content] Rather than just wait and do nothing, we are making preparations like partnering up with companies and developing the technology required so that we can move fast when the timing for commercialization actually comes. So stablecoin is an essential future infrastructure for the next generation payment provider. In the early stages, lower payment and money transfer fees for the users and the merchants will be the major tangible effect that we can experience. But from mid to longer term, our plan is to explore new frontier, including expanding the wallet infrastructure, enabling B2B settlement, and cross-border payment and transfer, and AI agent-based payment. [Non-English content] In terms of the preparation, the stablecoin business has two different pillars. One is validating the distribution infrastructure, and the other is creating an ecosystem that makes use of that infrastructure. Regarding distribution infrastructure, we executed a partnership in July with Circle to cooperate in blockchain-based payment infrastructure and digital asset technology. In early September, we completed proof of concept for digital asset wallet build-out. We also did POC testing for agentic payment from the buyer and the seller side and verified the connection and operation of the entire payment flow from the payment delegation by the users up to seller's receipt of that payment. [Non-English content] Also in September, we had private event between Kakao Group and KB Financial Group called the Next Finance Korea. There were many well-regarded companies from finance, retail, entertainment, and travel industry who have interest in stablecoin issuance and its infrastructure. There were global partners as well. During the event, Kakao Group unveiled use cases of won-based stablecoin issuance and redemption, wallet-based transfer and payment, inbound cross-border payment and settlement, and agentic payment. We also proposed open roundtable where various businesses can participate in connecting issuance, distribution, and the capital market so as to design the ecosystem together. [Non-English content] Our plan moving ahead will be to turn this roundtable into a framework of real cooperation. Just because one company issues a stablecoin doesn't mean it's going to be used. There needs to be ample number of participants and use cases for it to be meaningful. Thus, we're going to create this ecosystem and focus on making the distribution infrastructure, user channel, and real-world use cases. [Non-English content] This is Aiden, and I will respond to your question relating to the quality of the growth that we've seen on the customers' AUM. Just to put it simply, net increase in AUM year-to-date as of Q3 of KRW 10 trillion was mostly driven by net new money flow of KRW 10.4 trillion. We believe there was no sudden asset outflow in light of the retention of the outstanding balance. [Non-English content] Q3 end deposit asset was KRW 19.3 trillion, which is up 167% year-over-year, but down 9% from KRW 21.1 trillion that was recorded in the second quarter. The breakdown consists of KRW 16.3 trillion of stock, deposit of KRW 2.2 trillion, and funds KRW 0.8 trillion. [Non-English content] In terms of the stock balance compared to the second quarter, we have seen a decline of 10% due to the changes in the market price, and for the fund, about 7% decline. If you look at the deposit balance, which is equated with the net inflow, it was flat compared to the end of the second quarter. Looking at the Q3 net inflow, it amounted to KRW 1.8 trillion, which is about KRW 3 trillion less compared to the second quarter when there was a significant surge in the stock trading, and we believe that this is due to the short-term corrections the market went through. On a cumulative basis, we are seeing a sustained uptrend in terms of the net asset inflow as well as customers' deposit asset. [Non-English content] When we enter into a downturn in the stock market, it could generate losses for some aspect of the assets. However, even when the momentum sours, we were able to see that the deposit balance is kept intact with limited outflow of funds. AUM balance may fluctuate with the changes in the market, in the asset price, but we believe that the quality of the growth can be maintained in a sound manner. [Non-English content] Next question, please. [Non-English content] The following question will be presented by Jin-Gu Kim from Kiwoom Securities. Please go ahead with your question. [Non-English content] I have one question that I would like to ask regarding your payment segment business. Compared to your peers in the industry, what do you believe is your competitive edge, and how much of that would you be able to leverage in order to further expand your market share? It would be helpful if you could also talk about total addressable market in your reply as well. [Non-English content] This is Jason. I will take your question. Kakao Pay is maintaining its leading position in the payment segment based on wide-ranging competitive edges. First factor is our cost competitiveness with the strong underpinning of a Kakao Pay Money ecosystem. As of the end of the third quarter, Kakao Pay Money balance reported KRW 2.8 trillion, with approximately 60% of our total payment volume generated through Kakao Pay Money-based transactions. This is significantly higher than the competing platforms, where card-based payment accounts for the vast majority of transactions. Our money ecosystem is not only a stable earning source for our payment business, but it also serves as a critical infrastructure that enables integration with other digital payment services and local currency programs, such as Samsung Pay, Zero Pay, and Seoul Pay, and it enables efficient customer conversion as well as expanding our business against the smaller merchants. [Non-English content] The second factor is our industry-leading ability to drive merchant revenue growth through MyData analytics. By combining extensive user base of more than 40 million payment users with our sophisticated MyData platform, which has over 23 million registered users, we provide merchants with valuable customer insights that address their most important business needs. In the future, we also plan to make these insights available through dashboard-based solutions. We leverage industry-specific data to forecast seasonality and market trends while further segmenting customers based on their payment behavior, which help deliver personalized rewards to customer segments with higher conversion rates. Through these capabilities, Kakao Pay serves as a true business partner, helping merchants drive tangible revenue growth. [Non-English content] The third differentiating factor is our strategic and deep integration with leading quasi-captive partners. We pursue deeper strategic integration with leading merchants across key verticals, including food delivery, shopping, fashion, and airlines. Going beyond simple payment integration, we maximize synergies through marketing initiatives and data-driven operational efficiencies. By supporting both customer acquisition and retention for our merchant partners, we are continuously increasing Kakao Pay's share of wallet. [Non-English content] The fourth factor is the expansion of our overseas payment business through strong global alliances. Through overseas alliance that differentiate us from our competitors, we are expanding our cross-border payment business and maintaining high double-digit annual growth. We are increasing our share of business within global key accounts such as Google, Apple, Agoda, Trip.com, Netflix, while running targeted promotions to drive structural uptrends in cross-border volume. For cross-border offline payments, we leverage Android-based NFC contactless technology, which is connected to Mastercard's network of 150 million merchants, driving payment growth in Western markets, including Europe and North America, while providing a seamless cross-border payment experience. [Non-English content] [Non-English content] The fifth factor is our expansion into general PG payment gateway business. We launched our PG service at the end of August, initially serving Kakao Gift and Kakao Shopping. By the end of this year, we plan to roll out the service to a number of external merchants, including companies within the broader Kakao Group. We have also secured agreements with new external merchants, with contractual and development work currently underway. We aim to strengthen our presence across the overall online payment market by leveraging our expertise in delivering seamless payment experience through simple payment, together with the competitive advantage of expanding our payment offerings to include prepaid payment methods. We also expect these capabilities to drive further growth in newly entered markets. [Non-English content] Lastly, we are proactively building the technological foundation needed to support agentic AI payment. In order to nimbly respond to developments within both our internal and external ecosystem, we are preparing our technology infrastructure to support a wide range of AI payment and integration protocols without becoming dependent on any single integration method. Our plan is to first validate these technologies through our internal services and then gradually expand integration with our external partners. Based on the result of this validation, we will demonstrate to our partners concrete transaction and conversion value that payment completion can deliver. By further enhancing the ability to complete payments seamlessly through Kakao Pay, we aim to stay ahead in the transition towards agentic AI payment and proactively respond to this emerging trend. [Non-English content] We will take the next question, please. [Non-English content] The following question will be presented by Dong-woo Kim from Kyobo Securities. Please go ahead with your question. [Non-English content] I have two questions relating to next year's performance. We expect that the high securities-related performance you gain in the first half of the year can weigh down on next year's performance as the base effect. Where do you foresee that the growth levers will come for next year, and do you still believe that you will be able to sustain high level of growth going forward? Even after the equities market returns back to the normalized level in 2027 versus the first half of 2026, do you still believe that you will be able to defend a double-digit OP margin? [Non-English content] This is Aiden, and I will take both of those questions. Structurally, at Kakao Pay, we have core business of platform, finance, and core business of payment platform and finance, and we have levers for new growth in the expanded adjacent domains. We believe that we can scale these businesses both horizontally and vertically while gradually expanding our operational leverage come next year. On the online payment side, we will continue to collaborate strategically with strongly coupled merchants and use the flywheel of expanding into other strategic merchants based on the market reference that we build, as well as expand into data analytics business, PG industry, and the agentic payment business. While it is true that the competition is fierce in the offline payment through the offline channel, we will expand point of acceptance and focus on user acquisition by using this offline channel. [Non-English content] There are also a lot of market factors in play for our loan-related businesses. Our aim, however, is to sustain the growth trend since we have competitive edge in the secondary non-banking segment, underpinned by highly sophisticated targeting of loan applicants. We especially expect Kakao Pay Score to be the lever for growth based on MyData. Insurance also has strong revenue pipeline in place with solid growth from handset insurance, and we will expand into adjacent products to drive new growth by offering differentiated customer experience coupled with expanded offerings of, for instance, regular premium products. Platform business has many growth levers to drive further growth since intermediation for credit cards and telecom services have all just started. If we can make good synergies as a financial platform, we expect to be able to make another leap forward. [Non-English content] I think this next part will be answering to your second question, is that based on the stable financial base that we were able to establish over the years and by implementing growth strategies for each of the services, we expect to be able to defend a double-digit margin in 2027. [Non-English content] Next, please. [Non-English content] The following question will be presented by Yujin Sun from LS Securities. Please go ahead with your question. [Non-English content] Thank you for taking my question. I have two regarding your AI services. First being, in August, you rolled out an open beta version of Finance AI Coach. I would like to understand when you expect the official launching date will be. I know that you have plans to expand this into other domains, and if you could share an update on that would be grateful. The second aspect of this question is, in regards to the Greater Kakao ecosystem, how is the integration with the overall Kakao ecosystem ongoing at this point? I know that aside from the MCP integration with Kakao Tools, there is also A2A, agent-to-agent integration with Kanana Space, excuse me. I would like to understand how that is being developed at this point. Kakao has recently also unveiled Kanana Space. What are the enabled services at Kakao Pay that could be supported through Kanana Space? [Non-English content] This is Jeff. I will take both of those questions. In the third quarter, AI Coach had its open beta launch as per the plan, and the whole concept of the agent is to help users save up their money. Most noteworthy change is that users are interacting and engaging in real conversation with the AI Coach as an agent and not as a simple chatbot. If you look at the actual input data by the users, most of them type in sentences themselves, asking the AI Coach for counseling and sharing their concerns. Even though we did not provide any separate entry point, user count actually tripled in September compared to the first month of beta release in August. It is quite meaningful because even without providing the entry point, AI Coach is able to cater to asset management needs that was voluntarily brought on by the users. [Non-English content] Official launch will be decided after fully validating stability and quality of the response that we get based on the real data usage during the open beta. As part of the future plan, we plan to connect AI Coach to various services within Kakao Pay in order to position it as a specialized personal financial assistant. It will handle simple executions like money transfers and making payment, and also run complex calculations and keep users informed of financial information that usually are overlooked. We will gradually expand the domain under the architecture where the master agent orchestrates domain-specific specialized agents. [Non-English content] [Non-English content] In terms of how we are envisioning to interconnect with the Kakao ecosystem, we completed the integration of Kakao Tools last March, which allows external agents like ChatGPT for Kakao to call on Kakao Pay functions, and we are continuing to scale as we speak. Through MCP, Kakao Pay functions are made available for external agents to retrieve such features, and we are in the process of expanding the functionality scope of the integrated dataset. We also reached agreement on the method of agent-to-agent integration with Kanana in the relevant domain, and we will first release agents that connect Kakao Pay's internal reward benefit information. With this as the first case, we will expand A2A implementation in phased stages. The important thing here is R&R. Kanana is the general-purpose agent that interacts with the users, while Pay will be in charge of the domain of financial data, which is in the realm of financial regulation. This means Kanana will not fetch the data from Pay. It would be that the request will be sent to the agent in the Pay domain, and after the request is processed inside the regulated domain, only the result will be sent back. So user will only interact within Kanana, does not need to open the Pay app, but the request will still be handled. So the value that we get out of this is that Pay is connected at the very moment when the intent of the user is most clear, rather than it being simply an added entry point. [Non-English content] We are also talking to Kakao regarding the expansion of Kanana Space as well, introduced during the if(kakao)26 event, which Kakao has introduced as a personal assistant that can handle wide-ranging tasks, including ordering, gifting, making reservations, and making money transfers. We are working to define how Pay's internal functionalities, such as money transfers and payments, can be made available to Kanana Agent through the MCP protocol. For scenarios such as "order me some bottled water", delivering a seamless end-to-end experience from product selection to payment and to giving out of coupons requires Kakao Pay to play an essential role in ensuring that payment transactions and financial data are handled in compliance with the relevant regulations. Hence, our role will be to work with Kakao to prepare for the financial and payment agentic-based experience inside the Kanana Space. [Non-English content] Due to the time constraint, we will be taking the final question. [Non-English content] The last question will be presented by Jisun Lee from Bank of America. Please go ahead with your question. [Non-English content] I would also like to ask you questions on Kakao Pay Securities. I would like to know that, because in the first half there was a significant improvement in the performance supported by the brokerage revenue, but in the second half of the year, because the market now is in the down cycle, I would expect that the volatility is somewhat inevitable at this point. I would like to know as to what your priorities are in terms of which revenue source you want to further develop. If you could provide more specific detail, like whether you are going to focus on the retail business or the IB business, that would be helpful. [Non-English content] This is Allen. In terms of the revenue stream for our securities business, it is, you are correct, currently anchored on our brokerage services. Going forward, through new product and service lineup expansion, channel diversification, and enhanced accessibility achieved through the use of the AI agent and the IB business, especially tapping into the IPO market, we will ease the bottom line volatilities that we experience across different market cycles. Majority of the revenue from Kakao Pay Securities, as mentioned, currently comes from brokerage, and revenue from other services like investment funds are small in size. As per your comment, this structure will expose us to volatilities when market cycle is in decline. We are at a timing where we do need to have the revenue stream that can tame this impact. [Non-English content] The first way to deal with this will be through launching financial products on top of the pension and like advisory, discretionary investment, and RPs as well. By diversifying business portfolio, we can lower the dependency on the brokerage business. We recently onboarded security services in the form of an app-in-app on KakaoBank platform. As such, we can embed Pay security services into other channels, thereby broadening our customer touchpoint, and find ways to connect with third-party AI agents so that people can use help of the AI when making their investment decisions. [Non-English content] Lastly, on the investment banking business, using the license that we got in July, we plan to start with the IPO business in order to generate additional revenue. We will be participating initially in the IPO underwriting syndicates and the offering process. Going forward, we will aim to expand this business by actively supporting IPOs of technology companies, leveraging our investment network, our understanding of technology, and our user base, supported by strong technological capabilities. Through these initiatives, we will build additional revenue stream beyond brokerage that can help mitigate earnings volatility. [Non-English content] Thank you. This brings us to the end of the earnings conference call for the third quarter of 2026 by Kakao Pay. If you have any unanswered questions, please feel free to call us at the Kakao Pay IR team. Thank you.