Asian Tech Press -- Ant-backed Kakao Pay may delay its IPO plans to the fourth quarter, according to market sources.

Kakao Pay, a subsidiary of Kakao Corp., is the largest online payment service company in South Korea, with 36 million users.

The company was asked to revise its prospectus by the country's financial authority last Friday. Some investment banking sources said that Kakao Pay may delay its IPO schedule, according to The Korea Herald.

Earlier, the company was scheduled to go public on August 12. But South Korean watchdog asked Kakao Pay to submit its revised prospectus within three months. It means that the fintech company must postpone its IPO to revise its prospectus, until it receives permission from regulators.