South Korea FTC Seeks Brokerage Views in Review of Dunamu-Naver Financial Deal

South Korea’s Fair Trade Commission has begun seeking feedback from major securities firms as it reviews the proposed business combination between Dunamu and Naver Financial.

Yonhap News reported on June 17 that the commission recently asked 18 brokerages, including Korea Investment & Securities, Meritz Securities and Hana Securities, to submit their views on the two companies’ combination by the end of June.

Through a questionnaire, the regulator asked whether an unlisted stock brokerage platform and a virtual-asset exchange can be combined and how the launch of an integrated platform could affect competition in the financial investment industry.

It also asked for views on how combining Naver’s platform data with Dunamu’s trading data could alter competitive dynamics in the market.

The questionnaire included stablecoins as well. The commission sought opinions on business areas that could emerge after stablecoins are institutionalized, plans to form a consortium, and how cooperation between Naver and Dunamu could affect the stablecoin issuance and distribution market.

It also requested views on securities firms’ digital finance businesses and future plans, as well as on unlisted stock brokerage services, innovative financial services and the over-the-counter stock market known as K-OTC.

Naver, Naver Financial and Dunamu each held board meetings in November 2025 and approved a plan to bring Dunamu under Naver’s corporate umbrella through a comprehensive share exchange. The Fair Trade Commission received the merger filing that month and has been reviewing the case since then.

The regulator plans to decide whether to approve the combination after reviewing the responses and other findings.

Separately, the Fair Trade Commission surveyed major securities firms in March to assess how Mirae Asset Consulting’s acquisition of a stake in Korbit could affect the brokerage industry.