Park Sang-jin, CEO of Naver Financial, announced on the 14th that the annual transaction volume of Naver Pay, a simple payment service, will reach 100 trillion won by 2025. Naver Financial plans to launch the ‘Smart Place Business Loan’ within this month and will also start the first-ever personal business loan comparison service in the fintech industry in the second half of the year.
Park, who took office in March, emphasized at the ‘Naver Financial Media Day 2022’ held that morning, "We will continue to expand both payment and financial businesses to prove our value as the fintech platform most sought after by users and small and medium-sized enterprises (SMEs)." He expressed his ambition to firmly establish Naver Financial as a simple payment service provider and to grow the monthly active users (MAU) of the MyData service to 10 million.
First, there is a plan to accelerate the growth of Naver Pay. The annual transaction volume of Naver Pay was 38 trillion won as of last year. In May, the monthly transaction volume surpassed 4 trillion won. They plan to increase lifestyle industry merchants using Naver Pay in sectors such as medical, culture, and mobility, and to expand overseas local payment integration starting with linking Taiwan’s Line Pay.
Naver Financial will launch the ‘Smart Place Business Loan’ within this month. Smart Place is a platform where offline SMEs can register their store information on Naver Search, Maps, etc., and freely use business tools such as Naver Reservation and Orders. Naver Financial plans to introduce loan products exclusively for the 2.5 million SMEs using this platform in partnership with Woori Bank and Jeonbuk Bank. Additionally, they will launch an ‘Insurance Integrated Inquiry’ service this month to analyze the coverage of users’ insurance policies and provide personalized insurance information and tips content.
In the second half of this year, they will start the first personal business loan comparison service in the fintech industry. Loan products from the entire financial sector will be listed, and they will work with financial companies to develop products tailored to business characteristics.
Furthermore, Naver Financial will continuously expand its win-win initiatives for SMEs. Fast settlement, support for Naver Pay order management fees, and return assurance care will be provided free of charge for one year. CEO Park said, "We will also seek investment opportunities in innovative fintech startups and overseas fintech partnerships," adding, "We will devote all our technological capabilities to further strengthen user data management and protection."
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