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Report: Samsung Fire & Marine, Kakao Pay to set up digital nonlife insurance JV

South Korea's Kakao Pay Corp. and Samsung Fire & Marine Insurance Co. Ltd. will set up a digital nonlife insurance joint venture by the end of 2019, Yonhap News Agency reported, citing industry sources.

The mobile payment platform unit of Kakao Corp. and South Korea's largest nonlife insurer will jointly file an application with the Financial Services Commission for an insurance business license.

Kakao Pay will take a controlling interest in the new joint venture, according to Yonhap News.

Meanwhile, Carrot General Insurance Co. Ltd., a digital insurance joint venture of Hanwha General Insurance Co. Ltd., SK Telecom Co. Ltd. and Hyundai Motor Co., will start operation in early 2020 after receiving an insurance business license in early October.