South Korea’s leading e-commerece platform Coupang announced Tuesday that it has decided to spin off its fintech business currently operating its payment service.

It has established a fintech subsidiary named Coupang Pay on Wednesday, and will start offering payment services within the first half of this year.

The move is aimed to offer the services to a broader base of customers with renewed focus on enhancing user experience, the company said.

The spinoff is led by Kyung In-tae, Coupang’s senior director who has been heading Coupang’s fintech business. He has been in charge of easy payment system technology in Coupang from 2014.

The current service Coupay has 10 million registered users. It is most known for its proprietary fraud detection system called “One Touch Payment” that does not require password entry or fingerprint to make transactions.

“The new fintech company will offer more convenient and innovative financial services and evolve from an easy payment service into a comprehensive fintech platform for our customers” Kyung said. (khnews@heraldcorp.com)