[Alpha Biz= Paul Lee] Seoul, September 15, 2025 — Naver Financial is accelerating its expansion into the securities sector, moving beyond its recently launched “easy order” service for domestic stocks to enter the unlisted stock trading market. By targeting a sector that has only just begun institutionalization, the company aims to strengthen its role as a fintech leader. The move marks the first time a big tech company has entered a market long considered a blind spot due to low trading volume and limited listings, opening new opportunities for investors.
According to the financial investment industry, Naver Financial has acquired a 70% stake in Securities Plus Unlisted, becoming the largest shareholder and securing management control. The platform was originally launched by Dunamu in 2020 under a regulatory sandbox program after being designated an “innovative financial service.” However, Dunamu spun off the business in July and sold it after obtaining regulatory approval for changes to its structure and governance.
In line with revised financial regulations, Naver Pay must obtain a license as an “over-the-counter (OTC) brokerage” by the end of September to continue operating the business. Starting this month, unlisted stock trading platforms—previously operated under regulatory sandboxes—are being brought under a formal licensing regime.
Market observers expect significant improvements in investor convenience. Once integrated into the Naver Pay app, users will be able to check prices, access information, and execute trades seamlessly within the broader Naver ecosystem.
Naver’s acquisition reflects its broader strategy to expand in securities. Compared with fintech peers such as Toss and Kakao Pay, Naver has lagged in the securities business. Earlier this year, it launched a securities tab offering stock information, charts, and content, and in April introduced a simplified stock order service in partnership with brokerages. However, the service lacked direct trading functions, limiting its impact on customer acquisition.
In contrast, unlisted stock trading remains relatively untapped and is seen as a “blue ocean” opportunity. While listed stock trading remains dominated by securities firms, OTC trading offers fintech companies room to compete. Currently, only three platforms exist: the K-OTC operated by the Korea Financial Investment Association, Securities Plus Unlisted, and Seoul Exchange Unlisted.
Industry analysts view Naver Pay’s entry as a strategic move to leverage lighter licensing requirements compared with listed stock trading, while securing a first-mover advantage as the market matures.
For Securities Plus Unlisted, the deal also brings relief from regulatory uncertainty. Parent company Dunamu was hit earlier this year with a three-month business suspension from the Financial Intelligence Unit (FIU) under the Financial Services Commission, raising doubts about its ability to obtain new licenses. The platform had also faced criticism for over-reliance on commission revenue from trades in Dunamu’s own shares, which accounted for more than half of its trading volume. This raised compliance concerns, as the principle of separating issuance and distribution is central to capital market regulation.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
