<SEC-DOCUMENT>0001213900-23-043530.txt : 20230526
<SEC-HEADER>0001213900-23-043530.hdr.sgml : 20230526
<ACCEPTANCE-DATETIME>20230526161605
ACCESSION NUMBER:		0001213900-23-043530
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230518
FILED AS OF DATE:		20230526
DATE AS OF CHANGE:		20230526

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Kakaopay Corp
		CENTRAL INDEX KEY:			0001971612
		STATE OF INCORPORATION:			M5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		23969100

	BUSINESS ADDRESS:	
		STREET 1:		15F, TOWER B, 166 PANGYOYEOK-RO
		STREET 2:		BUNDANG-GU, SEONGNAM-SI, GYEONGGI-DO
		CITY:			SEONGNAM-SI
		STATE:			M5
		ZIP:			13529
		BUSINESS PHONE:		82-31-606-6029

	MAIL ADDRESS:	
		STREET 1:		15F, TOWER B, 166 PANGYOYEOK-RO
		STREET 2:		BUNDANG-GU, SEONGNAM-SI, GYEONGGI-DO
		CITY:			SEONGNAM-SI
		STATE:			M5
		ZIP:			13529

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Kakao Corp
		CENTRAL INDEX KEY:			0001976397
		STATE OF INCORPORATION:			M5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		23969099

	BUSINESS ADDRESS:	
		STREET 1:		TOWER A, 166 PANGYOYEOK-RO
		STREET 2:		BUNDANG-GU, GYEONGGI-DO
		CITY:			SEONGNAM-SI
		STATE:			M5
		ZIP:			13529
		BUSINESS PHONE:		82-1899-1326

	MAIL ADDRESS:	
		STREET 1:		TOWER A, 166 PANGYOYEOK-RO
		STREET 2:		BUNDANG-GU, GYEONGGI-DO
		CITY:			SEONGNAM-SI
		STATE:			M5
		ZIP:			13529

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIEBERT FINANCIAL CORP
		CENTRAL INDEX KEY:			0000065596
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				111796714
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		120 WALL STREET
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-644-2400

	MAIL ADDRESS:	
		STREET 1:		120 WALL STREET
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHAELS J INC
		DATE OF NAME CHANGE:	19950221
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2023-05-18</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000065596</issuerCik>
        <issuerName>SIEBERT FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>SIEB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001971612</rptOwnerCik>
            <rptOwnerName>Kakaopay Corp</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>15F, TOWER B, 166 PANGYOYEOK-RO</rptOwnerStreet1>
            <rptOwnerStreet2>BUNDANG-GU, GYEONGGI-DO</rptOwnerStreet2>
            <rptOwnerCity>SEONGNAM-SI</rptOwnerCity>
            <rptOwnerState>M5</rptOwnerState>
            <rptOwnerZipCode>13529</rptOwnerZipCode>
            <rptOwnerStateDescription>KOREA, REPUBLIC OF</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001976397</rptOwnerCik>
            <rptOwnerName>Kakao Corp</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>TOWER A, 166 PANGYOYEOK-RO</rptOwnerStreet1>
            <rptOwnerStreet2>BUNDANG-GU, GYEONGGI-DO</rptOwnerStreet2>
            <rptOwnerCity>SEONGNAM-SI</rptOwnerCity>
            <rptOwnerState>M5</rptOwnerState>
            <rptOwnerZipCode>13529</rptOwnerZipCode>
            <rptOwnerStateDescription>KOREA, REPUBLIC OF</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, $0.01 par value per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8075607</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The reported shares of Common Stock, $0.01 par value per share, of the Issuer (&quot;Common Stock&quot;), were issued and sold to Kakaopay Corporation (&quot;Kakaopay&quot;) at a purchase price of $2.15 per share. Kakaopay is a subsidiary of Kakao Corporation (&quot;Kakao&quot;). By virtue of this relationship, Kakao may be deemed to beneficially own the shares of Common Stock held by Kakaopay. Each of Kakaopay and Kakao disclaims beneficial ownership of any such securities, except to the extent of its pecuniary interest therein.</footnote>
    </footnotes>

    <remarks>See Exhibit 24.1 - Power of Attorney (Kakaopay Corporation); See Exhibit 24.2 - Power of Attorney (Kakao Corporation)</remarks>

    <ownerSignature>
        <signatureName>Kakaopay Corporation, By: /s/ Brian N. Wheaton, Attorney-in-Fact</signatureName>
        <signatureDate>2023-05-26</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Kakao Corporation, By: /s/ Brian N. Wheaton, Attorney-in-Fact</signatureName>
        <signatureDate>2023-05-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>2
<FILENAME>ea179367ex24-1_siebert.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 24.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KNOW ALL BY THESE PRESENTS, that the undersigned,
hereby constitutes and appoints each and any of Brian N. Wheaton, Jessica K. Phillips, and Anahita Mohtasham-Gharagozloo, as its true
and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for it and in its name, place, and stead,
in any and all capacities (until revoked in writing) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Sign
any and all instruments, certificates, and documents appropriate or required to be executed on behalf of the undersigned pursuant to sections
13 and 16 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and any and all relevant regulations promulgated
thereunder (including, without limitation, any Joint Filing Agreement with respect thereto), and to file the same, with all exhibits thereto,
and any other documents in connection therewith, with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;), and with any other
entity when and if such is mandated by the Exchange Act or by the bylaws of the Financial Industry Regulatory Authority;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. prepare,
execute, acknowledge, deliver, and file a Form ID (including any amendments or authentications thereto) with respect to obtaining EDGAR
codes, with the SEC;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. seek
or obtain, as the representative of the undersigned and on behalf of the undersigned, information on transactions in securities, from
any third party, including brokers, employee benefit plan administrators and trustees, and the undersigned hereby authorizes any such
person to release any such information to such attorneys-in-fact and the undersigned approves and ratifies any such release of information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. perform
any and all other acts which in the discretion of such attorneys-in-fact are necessary or desirable for and on behalf of the undersigned
in connection with the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned acknowledges that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. this
Power of Attorney authorizes, but does not require, such attorneys-in-fact to act in their discretion on information provided to such
attorneys-in-fact without independent verification of such information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. any
documents prepared and/or executed by such attorneys-in-fact on behalf of any of the undersigned pursuant to this Power of Attorney will
be in such form and will contain such information and disclosure as such attorney-in-fact, in his or her discretion, deems necessary or
desirable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. the
attorneys-in-fact do not assume (a) any liability for responsibility to comply with the requirements of the Exchange Act for any of the
undersigned, (b) any liability for any failure to comply with such requirements for any of the undersigned, or (c) any obligation or liability
for profit disgorgement under Section 16(b) of the Exchange Act for any of the undersigned; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. this
Power of Attorney does not relieve any of the undersigned from responsibility for compliance with the undersigned&rsquo;s obligations
under the Exchange Act, including without limitation the reporting requirements under Sections 13 and 16 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby gives and grants the foregoing
attorneys-in-fact full power and authority to do and perform all and every act and thing whatsoever requisite, necessary or appropriate
to be done in and about the foregoing matters as fully to all intents and purposes as the undersigned might or could do if present, with
full power of substitution and revocation, hereby ratifying all that such attorney-in-fact, or such attorney-in-fact&rsquo;s substitute
or substitutes, of, for and on behalf of the undersigned, shall lawfully do or cause to be done by virtue of this Power of Attorney. This
Power of Attorney shall remain in full force and effect until revoked by the undersigned in a signed writing delivered to such attorneys-in-fact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page follows.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned
has caused this Power of Attorney to be signed and effective as of March 27, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase">Kakaopay Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%">/s/ Lee Seong-ho</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Lee Seong-ho</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Financial Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">[Signature Page to Power of Attorney]</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.2
<SEQUENCE>3
<FILENAME>ea179367ex24-2_siebert.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 24.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KNOW ALL BY THESE PRESENTS, that the undersigned,
hereby constitutes and appoints each and any of Brian N. Wheaton, Jessica K. Phillips, and Anahita Mohtasham-Gharagozloo, as its true
and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for it and in its name, place, and stead,
in any and all capacities (until revoked in writing) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Sign
any and all instruments, certificates, and documents appropriate or required to be executed on behalf of the undersigned pursuant to sections
13 and 16 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and any and all relevant regulations promulgated
thereunder (including, without limitation, any Joint Filing Agreement with respect thereto), and to file the same, with all exhibits thereto,
and any other documents in connection therewith, with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;), and with any other
entity when and if such is mandated by the Exchange Act or by the bylaws of the Financial Industry Regulatory Authority;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. prepare,
execute, acknowledge, deliver, and file a Form ID (including any amendments or authentications thereto) with respect to obtaining EDGAR
codes, with the SEC;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. seek
or obtain, as the representative of the undersigned and on behalf of the undersigned, information on transactions in securities, from
any third party, including brokers, employee benefit plan administrators and trustees, and the undersigned hereby authorizes any such
person to release any such information to such attorneys-in-fact and the undersigned approves and ratifies any such release of information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. perform
any and all other acts which in the discretion of such attorneys-in-fact are necessary or desirable for and on behalf of the undersigned
in connection with the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned acknowledges that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. this
Power of Attorney authorizes, but does not require, such attorneys-in-fact to act in their discretion on information provided to such
attorneys-in-fact without independent verification of such information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. any
documents prepared and/or executed by such attorneys-in-fact on behalf of any of the undersigned pursuant to this Power of Attorney will
be in such form and will contain such information and disclosure as such attorney-in-fact, in his or her discretion, deems necessary or
desirable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. the
attorneys-in-fact do not assume (a) any liability for responsibility to comply with the requirements of the Exchange Act for any of the
undersigned, (b) any liability for any failure to comply with such requirements for any of the undersigned, or (c) any obligation or liability
for profit disgorgement under Section 16(b) of the Exchange Act for any of the undersigned; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. this
Power of Attorney does not relieve any of the undersigned from responsibility for compliance with the undersigned&rsquo;s obligations
under the Exchange Act, including without limitation the reporting requirements under Sections 13 and 16 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby gives and grants the foregoing
attorneys-in-fact full power and authority to do and perform all and every act and thing whatsoever requisite, necessary or appropriate
to be done in and about the foregoing matters as fully to all intents and purposes as the undersigned might or could do if present, with
full power of substitution and revocation, hereby ratifying all that such attorney-in-fact, or such attorney-in-fact&rsquo;s substitute
or substitutes, of, for and on behalf of the undersigned, shall lawfully do or cause to be done by virtue of this Power of Attorney. This
Power of Attorney shall remain in full force and effect until revoked by the undersigned in a signed writing delivered to such attorneys-in-fact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page follows.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned
has caused this Power of Attorney to be signed and effective as of April 28, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase">Kakao Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">By: </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%">/s/ Kim Ki-hong</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Kim Ki-hong</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Financial Officer</TD></TR>
  </TABLE>

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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">[Signature Page to Power of Attorney]</P>

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