"Naver Financial: Nothing Decided on Nasdaq Listing"

Korea Economic Daily

Summary

Naver said it currently has no decided plans regarding pursuing a Nasdaq listing for Naver Financial.
It said it will focus on securing AI, blockchain, GPUs, and talent development through an investment of about 10 trillion won over the next 5 years.
It stated it will follow regulatory trends for virtual assets and fintech to address regulatory risks.

Also rules out possibility of merging with Naver

"Invest 10 trillion won with Dunamu over the next 5 years

Boldly invest in GPUs and talent development"

On the 27th, executives from Naver, Naver Financial, and Dunamu are making presentations at a joint press conference held at Naver 1784 in Seongnam, Gyeonggi Province. From the left: Park Sang-jin, CEO of Naver Pay; Choi Soo-yeon, CEO of Naver; Lee Hae-jin, Chairman of Naver's Board; Song Chi-hyung, Chairman of Dunamu; Oh Kyung-seok, CEO of Dunamu. Photo = Naver

Naver said it currently has no plans regarding reports that Naver Financial, combined with Dunamu, would pursue a listing on the U.S. Nasdaq market. It also drew a line under speculation that Naver and Naver Financial would merge.

Choi Soo-yeon, CEO of Naver, said at a press briefing held at 'Naver 1784' in Seongnam, Gyeonggi Province on the 27th, "There is (currently) nothing decided regarding plans to pursue a Nasdaq market listing," adding, "Even if we consider listing in the future, we will prioritize enhancing shareholder value."

Choi said, "We are also well aware of social concerns about dual listings," and added, "(Even if we list) it will not be a simple separation and listing of Naver Financial, but rather a structure that expands global market entry and access to capital markets through collaboration with larger companies."

Regarding speculation about a merger between Naver and Naver Financial, she dismissed it, saying, "I think the possibility is low at present."

Naver announced that, as part of this corporate combination, it will execute investments totaling about 10 trillion won over the next five years. Choi said, "If AI technology, blockchain, and payment infrastructure converge, we believe it is possible to build a form of financial transaction structure never seen before," and emphasized, "The goal is to build a proprietary global blockchain network that naturally connects community, commerce, content, and finance on an on-chain basis."

In particular, the company plans to proactively invest in securing graphics processing units (GPUs). Choi said, "We first considered foundational investments such as GPUs, which are a common foundation for AI and Web3 technologies," adding, "We will also boldly invest in talent development."

She added, "10 trillion won is almost the minimum scale," and said, "We will invest as much as possible so that security and infrastructure can achieve global competitiveness."

On regulatory agency risks, she said, "As virtual assets and fintech areas move further into the formal system, we expect regulations to strengthen, and we intend to move along with that trend," adding, "We will actively communicate with authorities to address concerns."

Reporter Mi-hyun Jo mwise@hankyung.com