Asian Tech Press (SEP 15) -- According to Korean media, the listing schedule of South Korean Internet giant Kakao Corp's fintech division Kakao Pay and ride-hailing valet service provider Kakao Mobility may be delayed due to the South Korean government's increased regulation of large-scale technology companies.

Kakao Pay held a meeting with South Korea's financial regulator on Sep.14 to discuss its initial public offering (IPO), according to industry sources. The company was scheduled to assess demand for its IPO from institutional investors on Sept. 29-30. The schedule is now expected to be postponed.

The Financial Supervisory Authority requested that Kakao Pay resubmit its IPO documents with revised expected growth rates and future sales projections, among other information.

Kakao Pay is considering cutting its IPO price range again, sources said. In July, the company already lowered its IPO price range to 60,000-90,000 won per share from the initial range of 63,000-96,000 won per share.

Notably, South Korea's financial regulator ruled on September 7 that intermediary financial services currently provided by fintech platforms such as Naver Financial, Kakao Pay, and Toss have violated the Financial Consumer Protection Act and called for the cessation of related services.

The IPO process of Kakao's ride-hailing service subsidiary Kakao Mobility will be delayed as well. The company had planned to solicit proposals for its IPO by September 10 to select underwriters by October but recently delayed the deadline to September 17.

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