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Joint press conference held on November 27 last year at Naver 1784 in Seongnam, Gyeonggi Province, attended by Naver, Naver Financial, and Dunamu (Photo courtesy of Naver) |
[Alpha Biz= Ellie Kim] South Korea’s Fair Trade Commission (FTC) has requested opinions from major securities firms as part of its review of a potential business combination between Dunamu and Naver Financial.
According to industry sources on June 17, the FTC recently asked 18 brokerage firms—including Korea Investment & Securities, Meritz Securities, and Hana Securities—to submit their views on the proposed merger by the end of this month.
The regulator is examining whether the integration of an unlisted share trading platform with a cryptocurrency exchange would create an outsized competitive advantage that would be difficult for traditional securities firms to match.
The inquiry reflects concerns over Naver Pay’s operation of Dunamu’s unlisted stock trading platform “Securities Plus Unlisted,” as well as the potential impact of combining Naver’s platform data with Dunamu’s trading data.
The FTC also asked whether such data integration could create barriers to entry in adjacent markets, including unlisted share brokerage and simple payment services, and whether competitors would be able to replicate or respond effectively.
In addition, the regulator raised questions about future business expansion, including expectations surrounding stablecoin issuance and whether the companies plan to form a consortium. It also asked whether cooperation between Naver and Dunamu could limit other firms’ ability to issue and distribute stablecoins once the sector becomes regulated.
The securities industry has expressed concerns that a merger between the leading player in simple payments and the dominant operator in cryptocurrency and unlisted share trading could lead to strong customer lock-in effects and potential monopolistic outcomes.
Alphabiz Ellie Kim 인턴기자(press@alphabiz.co.kr)
