Naver Financial, a financial platform by South Korean internet giant Naver, has attracted an investment of about 800 billion won ($683 million) from its financial partner Mirae Asset, the company said in a regulatory filing on Friday.
The investment will secure a stable financial structure for Naver Financial and forge a partnership between the two to take the lead in the country’s emerging “techfin” industry. Techfin refers to technology firms seeking to deliver financial products based on existing tech solutions.
With the investment, Mirae Asset becomes the second-largest shareholder of Naver Financial with a 30 percent stake.
Naver’s financial platform will provide financial services offering easy access both to customers and sellers using Naver as an online marketplace. It will also provide customized products by using data on purchases and sales history.
In the first half of next year, the company will prepare for securities trading and insurance services on Naver by collaborating with local banks.
By Cho Chung-un (firstname.lastname@example.org)