👩🍳 How we use AI at Tech in Asia, thoughtfully and responsibly.
🧔♂️ A friendly human may check it before it goes live. More news here
🧔♂️ A friendly human may check it before it goes live. More news here
Naver delays Dunamu share swap on regulatory review
Naver has delayed its planned share swap between its subsidiary Naver Financial and Dunamu, citing licensing steps and regulatory changes.
The company set shareholder meetings for Aug. 18 and moved the closing date to Sept. 30, from an earlier plan to seek approval in May and close by end-June.
Naver said reviews are still in progress and it needs more time to complete approvals.
The share swap would deepen ties with Dunamu, the operator of a major cryptocurrency exchange, as Naver positions its financial services around digital assets.
🔗 Source: Korea Herald
🧠 Food for thought
Implications, context, and why it matters.
This delay is tied to a share swap that would create a roughly 20 trillion won combined entity
- The announcement kept details light, yet the deal centers on a full share swap. It would form a combined entity valued at about 20 trillion won, or $13.8 billion 1.
- Under the plan, one share of Dunamu, operator of Korea’s top crypto exchange Upbit, will be exchanged for about 2.54 shares of Naver Financial 2.
- The delay comes from a regulatory review by several agencies. The Korea Fair Trade Commission (the country’s competition watchdog) is assessing how the transaction could affect competition 3.
A broader vision for an AI-blockchain financial ecosystem is delayed
- The share swap supports a 10 trillion won ($6.8 billion) investment plan over five years. The plan aims to combine AI and blockchain technologies 4.
- The companies aim to build an independent, blockchain-based global network and bring digital assets into Naver’s payments platform, which 34 million people use 4.
Recent Naver developments
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.