NAVER will establish NAVER Financial in November.

Mirae Asset will invest 5 trillion KRW It will become a subsidiary of NAVER Pay Facing Kakao in the Ring of Finance

NAVER will establish NAVER Financial in November.

NAVER is establishing ‘NAVER Financial Inc.’ (provisional) to enter the financial business. It is establishing a subsidiary, planning to target fintech market further aside from the existing simple payment gateway service company ‘NAVER Pay’ with Mirae Asset as the strategic partner.

The plan is to soar as the ‘everyday financial platform.’ It is expected that NAVER, who has been passive in the financial business, is changing its business strategy to participate in the keen competition of the hyper-growing mobile financial market with other rivals such as Kakao.

NAVER has announced that they will divide NAVER Pay CIC (Company-In-Company) to establish ‘NAVER Financial Inc.’ (provisional) on July 24. NAVER is planning to commence the NAVER Financial by November 1 after a resolution process of a general meeting. Choi Inhyeok, who has generally been managing technology, service, and business of NAVER, is likely to be the CEO of Naver Financial. NAVER has announced that Choi is chosen because he will draw maximum synergy between IT and financial service based on his various experiences concerning internet services and deep understanding of IT. Naver Financial is expecting a total investment of 5 trillion KRW from their strategic partner, Mirae Asset.

Personnel of NAVER said that although the details regarding the investment are not confirmed yet, they have agreed on the investment of more than 5 trillion KRW with Mirae Asset. The official investment may be conducted after November when the company is incorporated. NAVER has been maintaining the strategic partnership with Mirae Asset in the financial field since 2017.

Two partners will start the business in ‘TechFin’ market. They will combine the IT power of NAVER and financial know-hows of Mirae Asset to gaim comparative advantage. TechFin is similar to the existing fintech market in the sense that IT and financial business are combined. However, the word techfin emphasizes the role of the tech. Although NAVER had limited itself when they said, “We have no plan to establish a bank as Kakao,” they will launch various financial services regarding insurance and securities to lead the techfin market.

Especially, as they have the simple payment gateway service NAVER Pay, it seems that other various services will add on to it. NAVER Pay has been improving payment convenience by renovating user experiences related to the membership signing, sign-in, and delivery inquiries. As a result, the payment number per month of NAVER Pay exceeds 10 million.

A person in concern of NAVER explained that payment gateway involves the more active participation of users than the case of money transfer because it involves shopping. The new corporation will take the relevant experiences to more fun and more accessible level for users.

As NAVER has jumped into the financial market, their competition with Kakao in the Korean market is expected to be more severe.

Kakao has already expanded in the relevant field with various services such as the internet specialized bank ‘Kakao Bank’ and simple payment based life finance service ‘Kakao Pay’. Kakao Pay is especially providing various everyday life services such as insurance, securities, utility bills, and deliveries.

The industry is focusing on the appointment of Choi Inhyeok, who has majored in engineering rather than finance. It has a symbolic meaning that NAVER is launching technology-led financial service, TechFin, not the finance-led FinTech. The convergence of finance and IT is becoming more common in the market. It led different financial services to penetrate the everyday life of customers.

As NAVER Financial is starting with only 5 billion KRW as its capital, Mirae Asset is likely to participate in the form of capital increase. A person in concern of Mirae Asset said that specific amount and moment would be confirmed in the process afterward. This decision may be interpreted as in three contextual reasons: preparation of new growth engine; securing new investment opportunity; and strengthening the strategic partnership with NAVER. Mirae Asset Group is promoting the payment gateway service as the new growth engine. For instance, Mirae Asset has registered the payment gateway business called ‘simple payment’ in June, which is the first time among all securities firms in Korea.

Meanwhile, Mirae Asset is trying to cooperate with Tencent as their first project in the payment gateway business. Chinese people visiting Korea will use WeChatPay of Tencent, and Mirae Asset will support retails of Korea as well as the whole process. The service will start somewhere between August and September.

Another person in concern of Mirae Asset Group said that the partnership with NAVER Financial is also a part of the long term project in the payment gateway business. The payment service connected to a debit card and CMA will soon launch as well.

The investment decision also means Mirae Asset is seeking new investment opportunity. A person in concern of the group said that CEO Park Hyeonju has been emphasizing the investment of innovative corporations. We have decided the investment based on the innovativeness of NAVER Financial.

Mirae Asset Daewoo and NAVER have been maintaining the strategic partnership since 2016. It began as they mutually raised 1 trillion KRW for the ‘new growth fund’ in December 2016. They have agreed on a mutual share investment of 5 trillion KRW the next year, and together raised ‘Asia growth fund’ last year. These two companies are still enhancing their cooperation in the simple payment field as well.

Nam GIhyeon (2019. 07.25.) 네이버, 금융업 뛰어들었다…핀테크 활용해 보험·증권 진출
Maeil Business, retrieved from


  1. Hey I know this is off topic but I was wondering if you
    knew of any widgets I could add to my blog that automatically tweet my
    newest twitter updates. I’ve been looking for a plug-in like this for
    quite some time and was hoping maybe you would have some
    experience with something like this. Please let me know if you run into anything.
    I truly enjoy reading your blog and I look forward to your
    new updates.

  2. I like the helpful information you provide in your articles.
    I’ll bookmark your weblog and check again here frequently.

    I’m quite certain I will learn many new stuff right
    here! Best of luck for the next!

  3. Amazing blog! Do you have any helpful hints for aspiring writers?

    I’m planning to start my own blog soon but I’m a little lost on everything.
    Would you advise starting with a free platform like WordPress or
    go for a paid option? There are so many choices out there that I’m completely
    overwhelmed .. Any tips? Thanks a lot!

  4. Hmm is anyone else encountering problems with the images on this blog loading?
    I’m trying to determine if its a problem on my end or if it’s the blog.
    Any feedback would be greatly appreciated.

  5. Hi there just wanted to give you a quick heads up. The text in your content seem to be running off the screen in Chrome.
    I’m not sure if this is a formatting issue or something to do
    with internet browser compatibility but I
    figured I’d post to let you know. The design and style look great though!

    Hope you get the problem fixed soon. Thanks

  6. Please let me know if you’re looking for a writer for your weblog.

    You have some really good articles and I feel I would be a
    good asset. If you ever want to take some of the load off, I’d love to write some material for your
    blog in exchange for a link back to mine. Please blast me an email if interested.

  7. My partner and I absolutely love your blog and find almost all of your post’s to be just what I’m looking
    for. Do you offer guest writers to write content to suit your needs?
    I wouldn’t mind producing a post or elaborating on some
    of the subjects you write concerning here. Again, awesome weblog!

  8. Do you have a spam problem on this blog; I also am a blogger, and I was wanting to know your situation; many of us
    have developed some nice practices and we are looking
    to exchange solutions with other folks, why not shoot me an e-mail if interested.

  9. Autolike International, Auto Like, Auto Liker, Autoliker, autoliker, Photo Liker, Photo Auto Liker, autolike, Status Auto Liker, Working Auto Liker, Autolike, auto like, Status Liker, auto liker, Autoliker, Increase Likes, ZFN Liker

  10. I have to thank you for the efforts you have put in penning this website.
    I really hope to check out the same high-grade blog posts from you
    in the future as well. In truth, your creative writing abilities has motivated me
    to get my own website now 😉

  11. I know this if off topic but I’m looking into starting my own blog
    and was wondering what all is required to get set up? I’m assuming having a blog like yours would
    cost a pretty penny? I’m not very internet savvy
    so I’m not 100% sure. Any recommendations or advice would be greatly appreciated.

  12. Its like you read my mind! You seem to know so much about this, like you wrote the book
    in it or something. I think that you can do with some pics to drive
    the message home a little bit, but other than that, this is fantastic
    blog. A great read. I’ll definitely be back.

  13. Hello There. I found your blog using msn. This is an extremely well written article.

    I will make sure to bookmark it and return to read
    more of your useful information. Thanks for the
    post. I will definitely return.

  14. Do you mind if I quote a few of your posts as long as I provide credit and sources back to
    your weblog? My blog site is in the very same area of interest as yours and my visitors would definitely benefit from a lot of the information you present here.
    Please let me know if this ok with you. Thank you!

  15. Hey, I think your site might be having browser compatibility issues.
    When I look at your blog site in Opera, it looks fine but when opening in Internet Explorer, it has some overlapping.
    I just wanted to give you a quick heads up! Other then that, amazing blog!

  16. You’ve made some really good points there. I checked on the web
    to learn more about the issue and found most individuals will go
    along with your views on this web site.

  17. Hey there this is somewhat of off topic but
    I was wondering if blogs use WYSIWYG editors or if you have to manually code with
    HTML. I’m starting a blog soon but have no coding skills so I wanted to get guidance from someone with experience.
    Any help would be greatly appreciated!

  18. May I just say what a comfort to uncover an individual
    who truly understands what they are talking about on the net.
    You definitely understand how to bring a problem to light and make it important.
    More and more people must read this and understand this side of the story.
    I was surprised you are not more popular given that you certainly have the gift.

  19. Have you ever thought about adding a little bit more than just your articles?

    I mean, what you say is important and everything.
    Nevertheless just imagine if you added some great visuals
    or videos to give your posts more, “pop”! Your content is excellent but with pics and videos, this website could undeniably be
    one of the very best in its field. Amazing blog!

  20. You could definitely see your enthusiasm in the work you write.
    The sector hopes for even more passionate writers like you who aren’t
    afraid to say how they believe. At all times go after your heart.

  21. Simply desire to say your article is as astounding. The clearness in your publish is just cool and
    i could suppose you’re knowledgeable in this subject.
    Well together with your permission allow me to grab your RSS feed to stay updated with impending post.
    Thanks a million and please carry on the rewarding work.

  22. Howdy! I know this is sort of off-topic but I had to ask.
    Does running a well-established website such as yours take a massive amount work?
    I’m brand new to running a blog however I do write in my journal
    daily. I’d like to start a blog so I can share my
    experience and thoughts online. Please let me know if you have any recommendations or
    tips for new aspiring blog owners. Thankyou!


Please enter your comment!
Please enter your name here