Kakao, a Korean internet icon, has launched a blockchain business in Singapore's Fintech Hub

Kakao Corp. has set up its blockchain enterprise Krust and the nonprofit Klaytn Foundation in Singapore. The firm picked Singapore ``due to multiple restrictions at home," media outlets say. Kakao is known best for its mobile messenger, known as Kakao. Krust is expected to invest in "promising blockchain startups" in multiple countries and help them develop. The business will become a base for Kakao's research and implementation of new ideas.

Kakao’s decision comes as Singapore builds itself into an Asian center for blockchain, cryptocurrency and other elements of financial technology.Kakao, founded in 2010, operates an online bank and units specialized in fintech, digital cartoon and ride-hailing. Kakao founder Kim Beom-su has become one of South Korea's richest people, with a real net worth of $13.2 billion.

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