![[김유성의 금융CAST]Will Naver take over the bank?](https://image.edaily.co.kr/images/Photo/files/NP/S/2021/01/PS21012300165.jpg "[김유성의 금융CAST]Will Naver take over the bank?")
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Naver and Jeju Bank’s parent company, Shinhan Financial Group, struck out the report as’no work’. It’s a strong denial, but the financial sector believes that it’may have been in mind to some extent’. It just means that it is not right for Naver to’acquire’ a local bank in the current situation.
There are many reasons. The main reason is the’separation of financial assets’ that prevents industrial capital from owning financial capital. It is a system designed to prevent large corporations like Samsung from taking over banks at will and taking out bank money at will. Although it is okay to become a major shareholder through the acquisition of a stake, the path to becoming the largest shareholder is virtually blocked.
For this reason, Naver and Shinhan Financial Group can protest that they are’unworked’. This is because the acquisition of Jeju Bank itself makes no sense. It is against the law.
Even though the entire acquisition is difficult, it is possible for Naver to meet the requirements of the bank’s major shareholder by purchasing some shares. Like the case of Kakao Bank’s Kakao or K Bank’s BC Card.
However, this also has its limitations. This is because it is difficult for Naver to meet the requirements for major shareholders of financial companies. To become a major shareholder of a financial company, there must be no disciplinary action from the Fair Trade Commission. This is to prevent unscrupulous businesses from inflicting great breath on banks.
Naver has already received a disciplinary decision from the Fair Trade Commission. Naver will protest that it is unfair disciplinary action, but it seems difficult to become the largest shareholder of the bank in a situation where there is such a’red line’.
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Another difficult thing is the wall of public opinion and the opposition of the existing financial sector. Even if Naver or a subsidiary of Naver becomes the largest shareholder of a specific financial company, the process is inevitable. The reason is simple. It’s Naver.
From the standpoint of banks who have been hardly hit by Kakao-affiliated Kakao Bank, Naver-affiliated financial companies are unwelcome. Public opinion is watching whether Naver will have a platform influence and build a monopolized business area.
The complaints of these banks are somewhat rational. Because banking is a regulated industry, authorities protect banks from external competition by striking the regulatory wall. Instead, they’re nagging the banks of’Do this, do that’.
The current situation has been like a model student from the bank’s point of view, but it has been called out by Naver and Kakao. It can be said that it is the feeling of the agricultural people facing the nomads who entered the Great Wall of China.
In fact, Naver gave up acquiring a domestic internet banking license several years ago. This is because the banking industry is tightly regulated (not exactly confident to pass that regulation), there is no need to stimulate negative public opinion, and it is a situation where you have to compete with foreign companies such as Google. From Naver’s point of view, the process of advancing into the banking industry itself seemed too tough and exhausting.
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That doesn’t mean that Naver gave up the banking business. It would be true that it was postponed to’in the future’. This can be read through the activities of Naver’s overseas affiliate’Line’.
Line is trying to enter the Internet specialized banking business overseas. In a country where LINE users are thick and prosperous, they are trying to enter the Internet banking business. In Indonesia, we cooperated with Hana Bank to produce some results, but progress is only slow due to the variable of Corona 19.
In the same vein, Naver will be diligently looking for a detour. At least it may be correct to say that you have a close relationship with the banks. From the standpoint of local banks, Naver is worth cooperating.
Why? At this point, Naver needs one financial sector loan product that suits their tastes. It is important for local banks to secure young metropolitan customers in their 30s and 40s. Their interests fit well enough.
In November of last year, Naver launched a loan product for small business owners in smart stores. Small business owners with sales of over 1 million won per month for 3 months or more can get a loan if they show passion for business.
Naver analyzes and reads the subjective’business passion’ through data such as’Like’ and’Comment’. And calculate the interest rate. Compared to banks that cannot assess interest rates other than their mortgage or income level, this is a formidable lending competitiveness.
Currently, Naver is providing loan services for small businesses with Mirae Asset Capital, which belongs to the 2nd financial sector. If Naver provides loans in the 1st financial sector and provides them to small business owners, the loan service can be provided at a lower interest rate.
A lower interest rate can ease the pressure on lenders to repay and lower their credit score. This is another benefit that Naver gives to its platform users.
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In addition, financial authorities have lifted regulations that allow online operators to handle multiple financial institution loan products. There is nothing that Naver cannot do.
From the perspective of local banks, cooperation with Naver is necessary. It is to solve their wishes. It is a successful entry into the metropolitan area. By cooperating with portals such as Naver, Naver can sell loan products to those who wish to borrow in the metropolitan area. There is no reason to refuse from the standpoint of local banks.
Let’s come to the conclusion. What will happen in the future? Will Naver, which has established itself in shopping, make a head-on breakthrough to acquire a license for a financial company? Perhaps we are looking for a new detour. To the extent that it does not stimulate multiple stakeholders.
How do banks view Naver like this? You may blame it on the outside, but on the inside you may be busy trying to find a point of cooperation. Like Naver and newspapers in the early 2000s.