[비즈한국] Naver Financial (Naver Pay) has acquired 'Stock Plus Unlisted,' an unlisted stock trading platform operated by Dunamu, the parent company of Upbit. Naver Pay aims to create synergy by integrating unlisted stock trading into its stock information platform, 'Npay Securities.' Following their announcement in July to collaborate on a Korean won-pegged stablecoin project, Naver Pay and Dunamu appear to be further cementing their fintech alliance through this equity transaction involving the unlisted stock platform.
On the 11th, Naver Pay announced that it had acquired a 70% stake in Stock Plus Unlisted for 68.6 billion won. Through this acquisition, Naver Pay has secured management control over Stock Plus Unlisted. While previously a business division of Dunamu, Stock Plus Unlisted was spun off as a separate entity on July 1. Following this acquisition, Dunamu's stake has been reduced to 30%.
It was confirmed that Stock Plus Unlisted relocated its office from Dunamu headquarters just before Naver Pay's acquisition. According to the corporate registry, Stock Plus Unlisted moved from the DF Tower in Seocho-dong, Seoul, where Dunamu's headquarters and affiliates are located, to a building directly behind it on September 1. The change was registered the day after the acquisition announcement (the 12th).
Naver Pay plans to utilize Stock Plus Unlisted to support unlisted stock trading on its financial investment content platform, 'Npay Securities.' The company intends to explore synergies with Stock Plus Unlisted while expanding its service range with content related to unlisted stocks. Since April of this year, Naver Pay has introduced a 'Simple Order' service on Npay Securities, allowing investors to connect to the Web Trading Systems (WTS) of partner securities firms to trade stocks directly. It is expected that unlisted stock trading will soon be added to this capability.
Regarding the purpose of the acquisition, Naver Pay stated, "By obtaining a license for over-the-counter (OTC) brokerage, we will lead the vitalization of the domestic unlisted stock market and take the lead in enhancing value for market participants and protecting investors." The company added, "Through Stock Plus Unlisted, we will lead the institutional stabilization of the unlisted stock trading market and contribute to the cultivation of advanced industries, such as startups and small-to-medium-sized innovative companies, and the vitalization of the venture ecosystem."
Expectations are rising that the unlisted stock market will become more active once Naver Pay fully integrates the Stock Plus Unlisted service. As of August, Stock Plus Unlisted recorded a cumulative 1.67 million registered users and approximately 2 trillion won in cumulative trading volume. Npay Securities boasts 17 million monthly active users (MAU), which is expected to drive new user growth for unlisted stock trading.
The upcoming incorporation into the regulatory framework is another factor fueling market optimism. There are currently two main unlisted stock trading platforms in South Korea: Seoul Exchange Unlisted and Stock Plus Unlisted. Both platforms have operated under the 'Innovative Financial Service' sandbox. Both platforms were designated as such in April 2020 and received a one-time extension in 2022.
Unlisted stock distribution platforms have been designated for institutionalization as innovative financial services in the capital markets sector. Financial authorities are revising the enforcement decrees and regulations of the Capital Markets Act to officially institutionalize unlisted stock distribution platforms, fractional investment distribution platforms, and domestic stock odd-lot trading services by the end of September.
Accordingly, the Financial Services Commission (FSC) is establishing a new license category for OTC brokerage to institutionalize these distribution platforms. While the current Capital Markets Act stipulates that OTC securities trading must be conducted through one-on-one brokerage, the new category will allow for multilateral trading. Similar to fractional investments, unlisted stock distribution platforms will be subject to the principle of separation between issuance and distribution, meaning they cannot broker securities that have a conflict of interest with the platform operator. However, conditional exceptions are allowed, such as receiving prior approval from the Financial Supervisory Service (FSS) or trading through designated securities firms.
Following this acquisition, the alliance between Naver and Dunamu in the financial sector is expected to strengthen further. In July, the two companies announced their cooperation on a Korean won (KRW) stablecoin project. A stablecoin refers to a virtual asset whose value is pegged one-to-one to a real-world asset, such as a fiat currency. At its recent blockchain conference 'UDC 2025,' Dunamu announced its own blockchain, 'GIWA,' as a new business venture, with plans to build infrastructure encompassing chains, wallets, and custody services.
It remains to be seen whether Dunamu and Naver Pay will collaborate on areas like payments if Dunamu issues and distributes a KRW stablecoin based on its own chain in the future. However, given the hurdles regarding the legalization of stablecoins, it is expected to take some time to see concrete results. Naver Pay noted, "Collaboration will proceed concretely only after stablecoins are legalized."
Another issue is that Stock Plus Unlisted faced regulatory risks while under Dunamu’s ownership. The FSS imposed a 24 million won fine on Dunamu in August, citing that Stock Plus Unlisted had failed to comply with innovative financial service conditions, such as allowing general investors to trade in 'professional-only' stocks.
Prior to the FSS disciplinary action, the Fair Trade Commission (FTC) began an investigation in March. General investors can only trade shares of the unlisted company Dunamu through Stock Plus Unlisted, as Dunamu stock is classified as a 'professional-only' item on Seoul Exchange Unlisted. The FTC is examining whether Dunamu’s practices in this regard constitute a violation of the Fair Trade Act. Naver Pay stated, "This is unrelated to matters prior to the acquisition."