Shin Ho-cheol, vice president of Kakao Pay, was appointed as new chief executive officer of the stock brokerage arm, Kakao Pay Securities said Wednesday.

The appointment was approved during the board of directors meeting on the same day. Pending approval at the group's regular general meeting of shareholders scheduled for March 27, Shin is set to officially assume leadership.

“Given the significant responsibility of this position, I will spare no effort in expanding our growth and continuing the unique investment culture of Kakao Pay Securities,” Shin stated.

Since joining Kakao Pay as the head of corporate development in April 2022, Shin has been instrumental in managing key projects, including medium and short-term investments and strategic mergers and acquisitions.

Kakao Pay Securities aims to bolster its growth and enhance user experiences in the securities sector by leveraging the expertise of Shin in new business development and investment.

“We will create a foundational year of turnaround by leveraging our status as the first tech-fin brokerage and our differentiated services as a driving force," Shin said.

The firm plans to strengthen its synergy with its affiliates KakaoTalk and Kakao Pay to diversify revenue through global business expansion.

Shin's efforts in fostering partnerships and boosting Kakao Pay Securities' presence in global markets, especially through overseas payment solutions and the attempt to acquire US brokerage Siebert, have been noteworthy, according to the firm.

Before joining Kakao Pay, Shin gained experience in the technology and platform business sectors through roles at Samsung Electronics, Intel, and McKinsey & Company.