Naver Corp., the operator of South Korea's dominant internet portal, said Wednesday it has decided to spin off its mobile payment division, Naver Pay.
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.