The new company, tentatively named Naver Financial, will be launched in November with an aim of making inroads into the financial services sector, including loans, insurance and investment.
|Choi In-hyuk, chief operating officer of Naver, who is to lead Naver Financial. (Naver)|
The decision came after the number of Naver Pay users recently exceeded 10 million.
Mirae Asset Daewoo Co., South Korea's top brokerage, plans to invest more than 500 billion won ($424 million) in the new venture.
In 2017, Mirae Asset Daewoo and Naver formed a strategic partnership to collaborate on development of financial products for digital devices.