Company Information
| Company name (English) | NAVER FINANCIAL |
|---|---|
| CEO | Sangjin, Park |
| Date of establishment | 2019.11.01 |
| Number of employees | 517 |
| Capital | 28,571 million KRW |
| Enterprise classification (1) | Conglomerate |
| Enterprise classification (2) | Big Tech Company |
| Financial Area | Banking, Electronic Finance |
| Business type | B2C |
| Services | Other |
| Service Technology | Other |
| Address | NAVER 1784, 95, Jeongjail-ro, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
| Website URL | https://www.naverfincorp.com |
Contact Information
| Company number | 1522-7686 |
|---|---|
| Contact Point (Position) | Byoung Kyu, Lee |
| Contact Number | 031-784-4539 |
| Contact E-mail | bk.lee@navercorp.com |
Company introduction
within 2500 characters including spaces
NAVER FINANCIAL is a fintech company established in November 1st, 2019 separated from its parent company, NAVER. Currently, main services provided by NAVER FINANCIAL can be categorized into user-oriented services and business-oriented services. NAVER Pay, the main user-oriented service, provides a seamless simple payment experience starting from product search to purchase. Moreover, all shopping can be done by NAVER ID& NAVER Pay, even if the online shopping mall requires a separate registration process. We are also developing and providing services for small, local businesses. Fast Settlement - a service that processes sales money within 1 working day after collection (start of delivery) in order to ensure smooth business cashflow for businesses - and Smartstore Business Loans - which mediates loans based on alternative credit scoring system for businesses that previously had difficulty getting loans - are some examples of such services. NAVER FINANCIAL is aiming to provide value and convenience for users and businesses based on a financial platform.
Information on the main products and services
o Simple Payment : This service offers a one-click payment function in which the user can pre-register payment methods such as credit cards or bank accounts on NAVER Pay, and use them to pay for their orders.
o Simple Transfer : This service offers a function in which the user can send and receive money easily to and from a pre-registered bank account using their NAVER ID or contact details.
o My Assets (My data) : This service offers a function in which the user can view and manage details of their bank, securities, insurance, card, etc. Based on these services, customers can manage their assets in a more efficient way.
o Quick Settlement : This service offers the quickest settlement, which settles sales money for Smartstore sellers within 1 business day after collection.
o On/offline Business Loans : Through cooperation with financial companies (Woori Bank, JB Bank), this service offers loan services for online businesses and offline businesses registered on NAVER Map.
o Safe Return Care : The seller can be compensated for the cost of exchanges or returns made by the customer, and the customer can exchange/return their goods for free through this service.
o Government Support Funding Search : A search service where users can lookup for support funds for small, local businesses provided by the government using keywords, types of business, etc. at one go.
Company history
| 2022 | 11. 01 | NAVER Pay Money Hana Bank Account |
|---|---|---|
| 10. 01 | NAVER Pay Business Loan Comparison Service | |
| 09. 01 | Recommendation Service for Policy Support for Small Business Owners | |
| 06. 01 | Starts Smart Place business loan service | |
| 05. 01 | Launches Smart Store safe return care service | |
| 05. 01 | Releases NAVER Pay smartwatch app | |
| 04. 01 | Opens Government Support Funding Search service | |
| 2021 | 08. 01 | Releases NAVER Pay app |
| 02. 01 | BNPL service designated as an innovative financial sevice | |
| 01. 01 | Receives license for Mydata service | |
| 2020 | 12. 01 | Starts business loan service to Smart Store sellers(with Mirae Asset Capital) |
| 11. 01 | Launches NAVER Pay Offline payment service | |
| 11. 01 | Starts quick settlement | |
| 03. 01 | Starts My Assets service | |
| 2019 | 11. 01 | Establishment of NAVER FINANCIAL |
Financial Statements
| Category | Most recent year | -1 year | -2 year |
|---|---|---|---|
| Term | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total Assets | 2,747,564 | 2,293,220 | 851,847 |
| Total liabilities | 1,815,786 | 1,414,633 | 828,785 |
| Total Ownership interest | 931,779 | 878,587 | 23,063 |
| Capital | 7,143 | 7,143 | 5,000 |
| Operating revenue | 1,045,308 | 704,391 | 86,788 |
| Operating expenses | 999,444 | 668,098 | 91,438 |
| Net profit during the term | 54,278 | 54,893 | -4,684 |
Details and outcomes of sandbox designation
| Program type | Innovation financial Service |
|---|---|
| Service name | Savings Comparison Service |
| Key details of the service |
An online platform service that compares savings products from various financial companies and provides easy account opening procedures |
| Service flowchart |
|
| Regulations | Articles 11 and 12 (1) of the Act on the Protection of Financial Consumer, Article 22 1. of the Supervisory Regulations on the Protection of Financial Consumers, and Article 13-3 (5) 3. of the Regulations in Supervision of Credit Information Business |
| Main Additional Conditions |
□ (Prevention of consumer damage) To prevent misunderstanding by consumers, notice that the contractor of deposit and installment savings products is a financial company, not an applicant company (platform company), and the product subscription is carried out by the financial company - To deposit a business deposit (100 million won) or subscribe to liability insurance that guarantees the same amount so that compensation for damages can be made smoothly in the event of user damage - Consumer protection measures shall be sufficiently prepared and submitted to the Financial Supervisory Service, and the service shall be released after confirmation of appropriateness - Do not mediate savings products of financial companies subject to timely corrective measures □ (Prevention of Conflict of Interests) Obtain verification from a trusted authority for the fairness and adequacy of the algorithm prior to the launch of the service - In order to prevent unfair practices with affiliates, the recruitment performance and fees (for each financial company) shall be submitted to the Financial Supervisory Service every half year after the launch of the service □ (Application of related regulations under the Act on the Protection of Financial Consumer) Comply with the regulations applied to financial product sales agents and brokers under the Act on the Protection of Financial Consumer - Meet the registration requirements (human and physical facilities, etc.) equivalent to the online loan recruitment corporation □ (Restriction on the scope of products and business) Limit the scope of brokerage products to savings (deposits and installment savings) products, while not performing tasks outside the scope of brokerage business (real name verification, deposit receipt, contract signing agent, etc.) □ (Limitation of sales ratio) In consideration of the possibility of impairment of financial market stability due to rapid fund movement, matters concerning the following sales ratio limit shall be included in the contract when signing an intermediary contract between the applicant company and the financial company - In the case where a financial company is a bank: Only within 5% of the new deposit and installment savings in the previous year, deposit-based products shall be recruited through the online platform of the applicant company and other companies - In the case where a financial company is a savings bank or a credit cooperative: Only within 3% of the new deposit and installment savings in the previous year, deposit-based products shall be recruited through the online platform of the applicant company and other companies |
| Date of designation (selection) | 2022.11.09 |
* You can provide information about your supplier through the information in this menu.