Joint Press Conference Held by Naver and Two Other Companies on the 27th
"Turning Point in the Global Financial Market... We Must Seize the Opportunity"
"In the AI Era, Only by Joining Forces Can We Become a Powerhouse"
Haejin Lee, Chairman of Naver, who led the acquisition of Dunamu, the operator of South Korea's largest virtual asset exchange, stated, "We must pursue new attempts and challenges that global companies have not tried in order to survive in competition with them."
On the 27th, executives from the three companies held a joint press conference at Naver 1784 located in Seongnam, Gyeonggi Province, hosted by Naver, Naver Financial, and Dunamu. From the left: Sangjin Park, CEO of Npay; Suyeon Choi, CEO of Naver; Haejin Lee, Chairman of Naver's Board of Directors; Chihyung Song, Chairman of Dunamu; Kyungseok Oh, CEO of Dunamu.
Previously, Naver and Dunamu announced a strategy to create synergy in the digital asset market by combining blockchain and AI technologies. Chairman Lee has now directly explained the background of the merger. Some interpret this as a move to personally advocate for the cross-industry merger and acquisition (M&A) between an IT company and a virtual asset firm, ahead of the Fair Trade Commission's review of the business combination.
With Naver's acquisition of Dunamu, the operator of Upbit, momentum is expected for Naver's entry into the global digital asset market. As Naver already holds a dominant position in areas such as shopping, search, and content, there is growing anticipation over whether the company will generate synergy by combining borderless digital currencies such as stablecoins with artificial intelligence (AI) technology.
On the morning of the 27th, Naver and Dunamu held a joint press conference at 'Naver 1784,' Naver's second headquarters in Seongnam, Gyeonggi Province, to announce the potential and global business direction of their integration plan. Attendees included Haejin Lee, Chairman of Naver's Board; Suyeon Choi, CEO of Naver; Sangjin Park, CEO of Naver Financial; Chihyung Song, Chairman of Dunamu; and Kyungseok Oh, CEO of Dunamu. The previous day, Naver Financial and Dunamu had resolved to merge the companies through a comprehensive stock swap, bringing Dunamu into the Naver group.
"This Is a Turning Point for the Financial Market"... Declaration of Global Expansion
At the press conference, Chairman Lee said, "Naver's AI capabilities must be leveraged to create synergy with Web3 in order to lead the next-generation market." Web3 is a next-generation technology based on blockchain and decentralization, where users own and control their data and assets. Blockchain enables secure transactions, and users, rather than platforms, can own and manage their data and content. This is interpreted as a commitment to proactively respond to global technology trends, demonstrate the strength of Korean fintech (finance + technology), and target the next-generation digital asset market by securing users.
Chairman Song also expressed his ambition, stating, "The three companies will join forces to design a next-generation financial infrastructure combining AI and blockchain, creating a new global platform order that encompasses not only payments but also the entire financial sector and, further, daily life services."
The participants, including Chairman Lee, believe that a turning point has arrived in the global financial market, creating new opportunities. The issuance of global stablecoins is gaining momentum, starting with the United States, and innovations are taking place in financial services such as the integration of AI and blockchain and digital asset payments and remittances. CEO Oh remarked, "To seize these opportunities, a swift response is essential," adding, "Through Team Korea, which encompasses technology, regions, and industries, we will scale up to respond to the global market and expand Korea's potential."
Potential for Stablecoin Issuance... "We Will Create an Unprecedented Industry Landscape"
The participants refrained from providing specific details about future business directions, likely due to ongoing merger procedures and regulatory considerations. However, the industry expects that blockchain technology will be used to introduce decentralized banking services, where stablecoin wallets or virtual asset exchange accounts function as bank accounts. Until now, the high price volatility of virtual assets such as Bitcoin has made them impractical as a currency substitute. In contrast, stablecoins minimize price volatility and set a fixed exchange rate with existing currencies, compensating for the shortcomings of virtual assets. For example, a US dollar stablecoin is valued at one dollar per coin.
In short, stablecoins can be seen as the "evolution of money." They can accelerate the transition to a cashless society, enable real-time global remittances, and reduce fees that have traditionally been paid to card companies with every transaction. For instance, when an overseas user pays for Naver content, it will be possible to charge them directly without going through a bank or card company. This will make it easier to sell products based on Naver's intellectual property in the global market. There will be no need to operate separate payment systems for each country, and barriers for overseas users to purchase content will be lowered.
Furthermore, as global demand for Korean products and services such as K-content and K-beauty continues to rise, the utility of stablecoins in global online and offline markets is expected to expand even further. Chairman Song predicted, "The changes taking place in the global fintech market will extend beyond the financial sector, leading to a new economic ecosystem in which all aspects of daily life services, including search, shopping, and content, are integrated with finance."
On the 27th, Oh Kyungseok, CEO of Dunamu, is giving a presentation at the joint press conference of Naver, Naver Financial, and Dunamu held at Naver 1784 in Seongnam, Gyeonggi Province. Photo by Naver
Haejin Lee: "More Companies Must Join Forces"... Potential for U.S. Listing
Naver is a major portal and AI technology company, while Naver Financial is the largest fintech platform in South Korea. Dunamu operates the digital asset exchange Upbit and possesses blockchain technology. The three companies have begun a challenge to create a new landscape for future industries that did not exist before, by pooling their respective strengths. Their strategy is to introduce leading business models not only in finance but also in areas such as gaming and content, based on their technologies and user bases.
CEO Choi also announced plans to lead the industry by supporting the revitalization of the domestic technology ecosystem. She emphasized that building and revitalizing the foundational ecosystem is essential for Korean companies to secure competitiveness, and unveiled a plan to invest 10 trillion won over five years to foster the AI and Web3 ecosystem. The investment will be used to secure AI computing infrastructure such as GPUs and to cultivate talent. Chairman Lee urged, "Please view these new attempts and collaborations warmly, and give us your encouragement and support," adding, "For Korea to become a powerhouse in the AI era, more companies need to join forces."
At a joint press conference held on the 27th at Naver 1784 in Seongnam, Gyeonggi Province, Song Chi-hyung, Chairman of Dunamu, is answering questions from reporters.
Meanwhile, the integrated entity of Naver Financial and Dunamu is also seen as a potential candidate for a future listing in the United States. In June, Circle, the issuer of the U.S. stablecoin USDC, saw its share price surge by 168% above the public offering price on its first day of trading on the New York Stock Exchange, as institutional investor demand exploded. Stablecoins have been recognized as assets that can be safely operated within the regulatory framework.
Ahn Jaemin, a researcher at NH Investment & Securities, predicted, "With the integration of Naver Financial and Dunamu, Naver will secure new growth engines related to virtual assets and stablecoins," adding, "In addition to its existing advertising, commerce, and content businesses, significant growth in the fintech sector can be expected." He further stated, "The synergy between Dunamu's virtual asset technology and the strong market presence of Naver Pay is likely to lead to meaningful growth," and, "In the stablecoin distribution market, the strengths of Naver Pay, which dominates online and offline payment systems, will become even more prominent."
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