[Alpha Biz=(Chicago) Reporter Kim Jisun] Online platform companies that are expanding their business into the financial sector have borrowed large amounts of operating funds from financial affiliates, a report showed.

According to the status of internal transactions of large business groups released by the Fair Trade Commission on the 19th, Coupang extended its existing contract to borrow 400 billion won in the name of operating funds from Coupang Pay, a financial affiliate, last year. Coupang Pay is a fintech subsidiary with a 100% stake in Coupang.

This is the largest among 82 large business groups, except for Nonghyup, where the same person (head) is a non-profit corporation. The total amount of fund transactions between affiliated and non-financial firms announced by large business groups last year totaled 2.45 trillion won, of which for-profit loans, excluding Nonghyup, amounted to 690 billion won. Nonghyup Economic Holdings borrowed 1.76 trillion won from Nonghyup Bank and others last year, which is for the government's proxy project to purchase rice, which is distinguished from borrowing for-profit operating funds.

Last year, Snow and Naver Cloud also borrowed 75 billion won from Naver Financial. It was the third largest financing for profit after Coupang and Samsung.

The combined amount of Coupang and Naver's transactions with financial affiliates accounted for 69% of all large companies' internal fund transactions, except for Nonghyup. Coupang also borrowed 400 billion won from Coupang Pay in 2021, the largest amount of profit-making loans among large business groups at the time. In the same year, Snow, KREAM, and Naver Cloud borrowed 150 billion won from Naver Financial. The transaction was the second largest after Coupang.

 

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