Naver·Dunamu: "Converging 'AI·Web3' to go global…launch next-generation financial platform"

Building a next-generation financial platform combining AI·Web3

10 trillion won investment over 5 years…nurturing the domestic tech ecosystem

'No plans' regarding Naver Financial's Nasdaq listing

Naver and Dunamu have formalized their corporate combination and are set to build a 'next-generation financial platform' encompassing Web3, artificial intelligence (AI), and payment infrastructure. The two companies said the combination aims to strengthen the global competitiveness of Korean firms and create a new financial ecosystem. They also drew a line on speculation about Naver Financial's Nasdaq listing and a possible merger by absorption into Naver, saying, "There are no plans."

On the 27th, at a joint press briefing held at Naver's Seongnam headquarters 'Naver1784', Naver Board Chairman Lee Hae-jin, Dunamu Chairman Song Chi-hyung, Naver CEO Choi Soo-yeon, Dunamu CEO Oh Kyung-seok, and Naver Financial CEO Park Sang-jin attended. They collectively stated, "The combination of Naver Financial and Dunamu is a process of fusing each company's core competencies to create momentum to compete on the global stage."

"Integrating AI and Web3...creating industries that did not exist before"

Naver and Dunamu evaluated this combination as a decisive opportunity for Korean companies to rapidly respond to changes in the global financial order at a time when both AI and Web3 are reaching technical inflection points. Naver CEO Choi Soo-yeon said, "Now that Web3 and AI are both at major inflection points, it's rare globally to see a corporate combination that has strengths in both fields," and added, "We will combine Naver's AI technology with Dunamu's digital asset and on-chain service capabilities to create entirely new innovation."

Choi said, "We will tie AI, payments, blockchain, and Web3 into a single user experience," and emphasized, "Beyond merely combining the three companies' capabilities, we will build new financial transaction infrastructure and even create a proprietary blockchain network." She continued, "We will create an industry structure that has not existed before by naturally connecting community, commerce, content, and finance on- and off-chain."

Naver Board Chairman Lee Hae-jin made clear that the purpose of this combination is "global market expansion." He said, "With the big technological waves of AI and Web3 coming, only by joining hands with the most outstanding technology companies can we compete meaningfully on the global stage," adding, "We will create a model that does not exist in the world together with Dunamu."

Dunamu also stated that the corporate combination is intended to respond to changes in the global financial environment. Dunamu CEO Oh Kyung-seok said, "With the spread of stablecoins and the combination of AI and blockchain, the speed of convergence in financial services is rapidly increasing," and added, "Domestic cooperation between companies was essential to proactively respond to this trend." He also said, "Together with Naver and Naver Financial, we will build 'Team Korea' to secure competitiveness in the global market."

Dunamu Chairman Song Chi-hyung emphasized the scalability and global potential of the digital asset industry. He explained, "Digital assets have already evolved into everyday finance from remittance and payments to investment and asset management, and the combination of AI and blockchain is the optimal mix in terms of cost, speed, and scalability." He added, "Compared to global digital asset companies like Coinbase and Circle, our technology is not behind," and expressed confidence that "if the three companies generate synergy, they can present a new standard for next-generation financial infrastructure."

The companies also said they will actively strengthen the competitiveness of the domestic AI and Web3 ecosystem. They plan to invest at least 10 trillion won over the next 5 years to support domestic AI and Web3 technology development and foster promising startups. Choi said, "There are already competitors in the global market with technology and infrastructure, but the domestic ecosystem has not yet sufficiently grown," adding, "We will create a virtuous cycle of continuous technological innovation through talent development and startup investment."

'No plans' regarding Naver Financial's Nasdaq listing

Regarding speculation about Naver Financial's potential Nasdaq listing, they drew a line, saying "There are no plans at this time."

Choi said, "Even if we consider listing in the future, enhancing shareholder value will be the top priority," and added, "The nature of this deal itself is not to separate Naver Financial as a subsidiary for listing." She went on to say, "Rather, we will consider partnering with a company that has greater value than Naver Financial to seek global market expansion and improve access to capital markets."

They also said that Naver absorbing and merging Naver Financial is "not being considered at this time," adding, "Whatever choice is made, shareholder interests will be given top priority."