Naver plans to promote the listing of its fintech subsidiary after completing the equity swap with Dunamu.

Techub News reported, according to Tech in Asia, South Korean internet giant Naver plans to advance the listing process of its fintech subsidiary Naver Financial after completing a share swap with Dunamu, the operator of cryptocurrency exchange Upbit, aiming for an IPO within five years after the transaction's completion.

Due to prolonged antitrust review, the transaction is currently delayed. Both parties signed a shareholder agreement when executing the share swap contract, requiring the establishment of an IPO committee for Naver Financial within one year after the transaction's completion. If the listing is not successfully achieved within five years, the deadline can be extended by another two years. Currently, the specific listing timeline and structure still depend on market conditions and the regulatory environment, particularly as South Korea's proposed "Digital Asset Basic Act" may impact the transaction structure. Furthermore, regulators are discussing a plan to limit major shareholders' stakes in exchanges to within 20%, which could lead to further adjustments in the final transaction terms between the two parties.