Naver Pay, Shinhan Bank Partner on Digital Financial Services

Seoul, South Korea—A partnership agreement has been announced between digital payment provider Naver Pay and Shinhan Bank to develop digital financial services. 

The companies plan to launch specialized business accounts and credit products in the first half of 2025.

The companies said in a statement that the collaboration will focus on technological development for innovative digital financial products, joint financial services planning, and cooperative marketing efforts.

The partnership's first initiative will center on Naver Pay's MyBiz platform, a business management solution serving approximately 2 million merchant accounts. 

The platform integrates various Naver services, including Smart Store, Smart Place, and advertising platforms.

The company plans to launch a dedicated business account and credit products for MyBiz users.

In September, the Financial Services Commission recognized these financial products as innovative financial services.

The new business account will offer preferential interest rates and fee waivers.

At the same time, the credit product will include an alternative credit score through "Naver Pay Score," which evaluates non-financial data such as transaction volumes, repurchase rates, and return rates.