Naver Launches Loan Refinancing Service for Small Business Owners... Positive Response to Government's 'Inclusive Finance' Policy

Partnerships with All Commercial and Special Banks in March

"The Only Loan Comparison Platform with Full Coverage"

From Personal Credit, Mortgage, and Rental Loan Refinancing

to Business Loan Refinancing...Ongoing Expansion of Inclusive Finance

Naver Pay announced on March 18 that it has launched the "Personal Business Loan Refinancing" service to help alleviate interest burdens for small business owners. Major fintech companies such as Naver, Kakao Pay, Toss, and Banksalad are all introducing related services in line with the government's "inclusive finance" policy direction.

Naver Pay's "Personal Business Loan Refinancing" service allows busy entrepreneurs to easily compare and switch to better loan products via mobile without having to visit a bank branch or prepare separate documents. The service was established under the leadership of the Financial Services Commission to expand financial consumer choice and reduce financial costs for vulnerable groups such as small business owners. The scope of the service, initially limited to personal credit, mortgage, and rental loans, has now been expanded to include personal business credit loans.

The service automatically retrieves business type and income information from the National Tax Service using the Naver authentication system, eliminating the need for business owners to enter this data. It also imports existing loan details through the Korea Financial Telecommunications & Clearings Institute system. On the refinancing results page, users can see the estimated interest savings compared to their current loans. Once a user selects a refinancing product through Npay, the remaining procedures are carried out by the relevant financial institution.

As of the launch date, Naver Pay has partnered with major banks including Shinhan, Woori, Jeonbuk, K Bank, Hana, IBK Industrial Bank of Korea, iM Bank, and NH Nonghyup Bank. KB Kookmin Bank is expected to join the partnership later this month. A Naver Pay representative stated, "We are the only loan comparison platform planning to offer services in collaboration with all commercial and special banks. We also plan to expand partnerships to include regional banks such as Gwangju Bank and internet-only banks like KakaoBank."

Consumers can access the service by opening the Naver Pay application, navigating to "Loan Comparison" on the finance home screen, selecting "Npay Loan Comparison," then choosing "Credit" at the top, and clicking "Loan Refinancing." After a simple identity verification step, users can click "Business Loan" to view their current loans and proceed with refinancing by selecting a new product.

Jo Jaebak, Chief Business Officer (CBO) of Naver Pay, said, "We will continue to expand our partnerships with more banks to provide business owners with more favorable options," adding, "We will persist in offering win-win services to help ease the burden on a wide range of financial consumers."

This content was produced with the assistance of AI translation services.