It is seen that AliPay is current working on employee scouting project with South Korea’s credit card companies in VAN and IT business fields to enter South Korean market.
“AliPay Korea is looking to push for IPO (Initial Public Offering) next year. It is planning to provide stock options to employees.” said a headhunting company, which received consignment from AliPay during this process, regarding conditions of hiring. Not only is AliPay looking to enter South Korean market, but it is also looking to be listed on South Korean stock market.
According to financial institutions and IT industries on the 24th, it is confirmed that AliPay is currently working on hiring business development managers.
It is looking to hire professional employees by sending hiring proposals to many current employees that are working for South Korean Visa, MasterCard, BC Card and others.
“AliPay prepared a hiring proposal that includes its plan for IPO listing and to provide stock options for employees and sent it directly through an e-mail.” said an employee of a credit card company that received this proposal. “Many employees that received proposals are considering about moving to AliPay.”
Some financial institutions believe that AliPay is working on preliminary work before entering South Korean market.
According to a hiring proposal that was obtained by The Electronic Times, it starts off as an announcement of hiring of business development managers that will work in foreign sales and service fields.
Industries are especially focused on AliPay’s plan for IPO listing along with its hiring process of employees that will work in South Korea. Not only is it preparing to enter South Korean market and to expand its business, but it is also working on aggressive strategies such as IPO and others.
It is heard that AliPay also proposed to huge businesses and financial businesses in South Korea about establishing a joint corporation to strengthen its business in South Korea. Hana Financial Group and SK Telecom are mentioned as possible partners.
“We did not hear anything from AliPay Headquarters regarding its plan to be listed on South Korean stock market.” said a legal representative of AliPay. “A chance of AliPay Korea, which is just in a form of an office, being listed is very small and there aren’t any detailed plans yet even though it can push for South Korean listing by interconnecting with Chinese listing.”
Possibility of AliPay’s joint corporation and AliPay being listed were also brought up. However a possibility of AliPay Korea, which is just in a form of an office, being listed is almost zero. If a foreign business were to be listed on South Korean stock market, it needs to go through a similar procedure as how a normal South Korean business would go through to be listed. A foreign business needs to be established in South Korea for more than 3 years and follow conditions such as having equity capital of more than $2.53 million (3 billion KRW). Besides these conditions, it also needs to go through a procedure of preliminary discussion with a stock market and its procedure is more complicated than a procedure for South Korean businesses as there are additional items such as accounting firm selection requirements and others.
“AliPay needs to be clear on in which form it is trying to be listed on South Korean stock market.” said a representative for Korean Exchange. “Because it still needs to go through a same procedure as any other South Korean businesses if it wants to list a South Korean corporation, it cannot be listed right away but has to wait for 3 years from the date of establishment.”
“If AliPay enters South Korean market directly and knocks on a door of South Korean stock market through a foreign corporation, it can be listed in less than a year since it is considered as a foreign business.” said a different representative of Korean Exchange. “If AliPay is looking to be listed as a foreign business, we have no reason to reject it since it will be a first time when a huge foreign business is listed on South Korean stock market.”
Staff Reporter Gil, Jaeshik | osolgil@etnews.com