Naver's data-driven financial business faces setback

Posted : 2021-01-08 15:35
Updated : 2021-01-08 15:37
Naver Financial CEO Choi In-hyuk speaks during a press conference at Naver Partner Square in Seoul in this July 2020 file photo. / Yonhap
By Park Jae-hyuk
Naver's grand plan of connecting its database with financial services is facing a major obstacle as the company's financial unit, Naver Financial, is unlikely to win the appropriate business license, due to an alleged breach of the law by its major shareholder.
The Financial Services Commission (FSC) said Friday Mirae Asset Daewoo, the second-largest shareholder of Naver Financial, was recently referred to the prosecution for an alleged violation of the Foreign Exchange Transactions Act.

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