South Korea’s Fair Trade Commission (FTC) sent Naver Financial’s proposed acquisition of Dunamu to its full panel after examiners said it could substantially restrict competition across several markets. The examiners recommended corrective measures based on a revised company proposal, but the panel will make the final decision and is not bound by their report.
The FTC identified 10 relevant markets, including online payments, digital asset exchanges, search portals, advertising, shopping, financial MyData services, share brokerage and investment platforms, secondhand marketplaces, and prospective won stablecoin issuance. Examiners recorded 12 combinations arising from the deal: six conglomerate combinations, two horizontal overlaps between existing businesses and four tied to planned won stablecoin activity. The two horizontal overlaps—in listed-share investment platforms and online secondhand marketplaces—fell within safe-harbor criteria, the examiners said.
The prospective stablecoin market was an unusual part of the review because it has yet to form. The FTC examined possible connections among stablecoin issuance, crypto trading, exchanges, online payments and shopping.
Under the proposed stock swap, each Dunamu share would convert to about 2.54 Naver Financial shares, after which Naver Financial would own Dunamu outright. The companies presented the combination as a way to connect their work in payments, AI, search, commerce and blockchain. At the deal announcement, Naver CEO Choi Soo-yeon said it came as “mass adoption of blockchain intersects with the evolution of AI.”
The FTC said commissioners are expected to consider the report after the agency gathers views, but its release did not specify a date.
