"I proposed" vs "the biggest dilemma of my life"…Lee Hae-jin · Song Chi-hyung reveal the behind-the-scenes of the 'big deal'

Lee Hae-jin, Naver's chairman, who is called the 'reclusive executive,' and Song Chi-hyung, chairman of Dunamu, stood side by side in public. They formalized the inclusion of Dunamu as a Naver affiliate. Breaking their silence, both Chairman Lee and Chairman Song emphasized that it is the "last golden time to confront global big tech." We reconstruct the process of making the 'biggest deal of the century' in which the two founders joined forces.

The one who moved first was Lee Hae-jin

Contrary to public expectations, the connection between the two, who are alumni of Seoul National University's Department of Computer Science, was not deep. Chairman Lee said, "We only really started meeting about two years ago." He explained, "I felt there was great synergy from a business perspective, not personal friendship."

About Chairman Song's first impression, he said, "As someone from a developer background, his technical depth is very deep, and I was impressed by his near-obsessive passion for research and technology." It was Chairman Lee who proposed this deal.

"I proposed first because I thought that if we worked together he could help not only Naver but the entire South Korean software ecosystem."

Reducing his stake was not a concern for Chairman Lee. He founded Naver and has received investments to grow Naver, undergoing several mergers and acquisitions. Each time, the founder's stake decreased. But he explained that those choices allowed Naver to grow to what it is today.

Chairman Lee said, "I don't think of running a company by stake ownership," adding, "If you can contribute to the company, you should continue to play a role; if not, more capable people should lead the company." He added, "More important than a reduced stake is whether this company can do better, whether our employees can work on more fun services and new challenges."

This time was no different. Chairman Lee lamented, "From the outside people say Naver is big, but compared to global big tech, our market cap and investment scale are about one one-hundredth, a small company," and said, "I've worried about survival every year." Facing the huge waves of artificial intelligence (AI) and Web 3, Chairman Lee judged that Naver could not survive alone, sought a partner, and chose Chairman Song.

Song Chi-hyung entered a long deliberation

After receiving Chairman Lee's radical proposal, Chairman Song did not make an immediate decision. He confessed, "It was one of the deepest dilemmas of my life." In fact, from Chairman Song's standpoint, there was not much to regret. He had already grown Upbit to become the No. 1 domestic virtual asset exchange and was earning huge profits. Although global market barriers are high, he had the basic strength to knock on overseas doors. He deliberated intensely between independent survival and forming an alliance.

What ended Chairman Song's hesitation was a sudden change in the global market situation. Digital assets are already playing an important role in the overseas remittance market. Recently, about 10% of non-commercial remittances from the U.S. to Mexico are conducted through virtual asset-based platforms.

In the U.S., not only stablecoins but the real-world asset tokenization (RWA) market is also growing. BlackRock, for example, issued a tokenized fund invested in U.S. government bonds. Its assets under management reach 3 trillion won.

Overseas virtual asset exchanges are at the forefront of financial innovation. Global e-commerce platform Shopify introduced blockchain payments together with Coinbase. Chairman Song said, "Coinbase released a credit card, and recently Kraken also released a credit card," adding, "Crypto payments are becoming active worldwide to the extent that shopping malls where crypto payments account for 20% are appearing."

Chairman Song compared the current blockchain market to the 'early YouTube era.' He felt the urgency that if they did not act now, they could lose global leadership forever. Especially with the advancement of AI, global big tech and exchanges are rapidly developing AI agent payment protocols, and he judged they must not fall behind in this trend.

Chairman Song said, "In the U.S. market, giant companies such as Coinbase (market cap 100 trillion won) and Circle (25 trillion won) are already securing the market," and said, "I judged that now is an important time before the gap becomes decisive."

In the end, Chairman Song accepted Chairman Lee's proposal, concluding, "Together we can achieve bigger things on the global stage than alone." The plan is to combine Naver's platform power and Dunamu's blockchain technology to build a 'next-generation global financial infrastructure' that goes beyond simple remittances.

Ultimately toward the global market

The reason the two founders joined forces was their determination to go global. Chairman Lee defined this combination as "Naver's new gambit after 25 years of surviving with annual worries." He said he had defended Korea's search market against the onslaught of global giants like Google and pioneered new content models like webtoons, but he assessed that the waves of AI and Web 3 now approaching are on a different level.

Chairman Lee said, "In the PC era we survived by cooperating with other tech companies, and in the mobile era through LINE," adding, "But in the huge flow that has arrived now, I judged Naver cannot compete alone." He explained that partnering with Dunamu, which has the deepest technical strength in the Web 3 field, was not a choice but a necessity.

He also mentioned the pains the physical union of two large organizations will bring. Chairman Lee honestly acknowledged the difficulty of organizational integration, saying, "The combination of companies may look easy on the surface, but in reality it involves great pain and sacrifice."

Nevertheless, the single reason they chose this arduous path was 'global expansion.' Chairman Lee emphasized, "I want to challenge the global market with new technologies and services that have never existed by combining AI and Web 3," and said, "The biggest picture is global expansion and a sense of mission."

Chairman Song shared the view. He said, "If Dunamu, Naver Financial, and Naver combine their strengths, they can have global competitiveness in terms of technology, trust, and customer base," and added, "The three companies will design a next-generation financial infrastructure that combines AI and blockchain and build a global platform that encompasses not only payments but finance and everyday services." He continued, "We will present a new financial order on the global stage beyond Korea."

Chosen as successor?

Some interpreted that Chairman Lee had chosen Chairman Song as his successor. But Chairman Lee drew a line on such speculation, saying, "(Chairman Song) is a great junior, but it is not yet the stage to talk about bringing in the next leadership."

Chairman Lee praised Chairman Song as "a person who not only has business achievements but also a deep understanding of technology," saying, "He can greatly contribute to Naver's tech discovery." However, he emphasized the principle that "company leadership is not determined by changes in stake, but by people who have the ability to lead the company well." He cautioned against an expanded interpretation that this 'big deal' is a move with succession in mind.

Chairman Lee also did not forget to ask the press and society for a favor. He said, "I hope the press and society will look more warmly on this kind of challenge," adding, "For South Korea to become a strong country in the AI era, not just one company but multiple companies must join forces." He added, "I hope this attempt will be the first start of such cooperation," and promised, "I believe the young management will do well, and I will provide all the support I can."

Reporter Jomihyeon mwise@hankyung.com