[THE INVESTOR] Cafe24, Korea’s leading e-commerce platform operator, on Jan. 19 signed a memorandum of understanding with SoftBank Payment Service, a subsidiary of Japanese conglomerate SoftBank, ahead of its expansion in Japan.

The partnership will allow Cafe24 to provide SBPS payment services such as mobile, convenience store and credit card payments for Japanese consumers who make purchases through online shopping malls based on cafe24 solutions, the company said in a statement. 

Cafe24 CEO Lee Jaesuk (left) and SoftBank Payment Service Director and CSO Toshiaki Hirata (Cafe24)

Japan is Cafe24’s first target for its overseas expansion after the company makes its KOSDAQ debut later this month.

“Cafe24 will continue to expand partnerships with key global companies that possess the technical expertise necessary for providing optimized local services in various countries,” said Cafe24 CEO Lee Jae-suk.

The two companies also plan to share their business know-how in order to provide Japanese consumers with services that align with local shopping patterns and preferences, Cafe24 said.

The company expects the tie-up to have a substantial impact on sales given the significant size of the Japanese market. In 2016, B2C e-commerce spending in the country reached 15.2 trillion yen (US$135 billion), according to Japan’s Ministry of Economy, Trade and Industry.


By Park Ga-young (gypark@heraldcorp.com)