Uber teams up with financial giant for food delivery service

By Park Sae-jin Posted : July 24, 2017, 11:33 Updated : July 24, 2017, 14:17

[UberEATS website]

South Korea has one of the most active delivery markets in the world with about 200,000 people serving as delivery workers. Uber, an American car-sharing company, hopes to challenge local rivals with its delivery service UberEATS with the help of a financial group.

Uber has sought to jump into South Korea's thriving mobile food delivery market as its taxi hailing service remained stagnant due to legal hurdles and competition. For its delivery service, the American company has finally found a business partner.

KB Financial Group, the holdings group of KB Kookmin Bank, South Korea's largest lender, said Monday it has forged a deal with Uber to support its business expansion. KB Capital plans to provide loans to stores affiliated with Uber in insurance and the purchase of vehicles and motorbikes.

While many restaurants and food franchise outlets serving pizzas, fried chickens and snacks depend on local food delivery services, UberEATS focuses on delivering foods from well-known restaurants with a small delivery fee.

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