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Naver to spin off mobile payment divisionBy Yonhap
Published : July 24, 2019 - 21:05
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.
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.
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