NOVEMBERASIA BUSINESS OUTLOOK8NEWSROOMNAVER TO ACQUIRE UPBIT OPERATOR DUNAMU IN MAJOR CRYPTO PUSHNaver is reportedly finalizing plans to acquire Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, with confirmation expected at a board meeting next week.Dunamu will hold its own board meeting on November 26, 2025 to finalize details. Industry sources suggest the deal will be executed via a stock swap through Naver Financial, aiming to make Dunamu a wholly owned subsidiary.Post-acquisition, the companies are expected to focus on a won-backed stablecoin and broader digital finance initiatives, though execution depends on regulatory approval and integration processes. The merger will require shareholder approval and scrutiny from key regulatory bodies. The Korea Fair Trade Commission (KFTC) is expected to review the acquisition under competition laws governing high-value transactions in digital and multi-sided platform markets.Key Highlights· Naver plans a stock-swap acquisition to make Dunamu a wholly owned subsidiary· Deal faces regulatory scrutiny from KFTC, KoFIU, and FSC under evolving crypto rules· Post-merger roadmap includes a won-backed stablecoin and digital finance expansionChanges in Dunamu's ownership would also trigger compliance reviews under Korea Financial Intelligence Unit (KoFIU) guidelines governing Virtual Asset Service Providers (VASPs), which expanded in 2024 to include major shareholders and executives.Regulatory ambiguity may affect the launch of a fiat-backed stablecoin, as current Financial Services Commission (FSC) rules exclude bank-issued deposit tokens from the virtual asset category, leaving private stablecoins in undefined territory.If approved and successfully launched, a won-backed stablecoin could reshape digital payments, enabling settlement solutions for merchants and payment service providers. The move aligns with rising external crypto transfers, which surged 38 percent in late 2024, signaling demand for cross-border settlement and custody solutions in Korea's digital asset economy. PROPERTYGURU NAMES VIC SITHASANAN AS MD TO TACKLE SCAM SURGEPropertyGuru, a leading Southeast Asian proptech platform, has appointed Vic Sithasanan as Managing Director for its Malaysia operations, effective immediately.He will oversee both PropertyGuru Malaysia and iProperty Malaysia, joining the company's executive leadership and reporting directly to CEO Lewis Ng. The leadership restructuring replaces the previous country-manager model, marking Malaysia as a pivotal market for the company's growth.Sithasanan brings extensive experience in technology and marketplace leadership, having previously served as Managing Director for Singapore and Malaysia at SEEK, and as co-founder of AI firm Hyperlab. His AI background aligns with PropertyGuru's increasing investment in fraud prevention and platform trust.Key Highlights· Vic Sithasanan appointed Managing Director for PropertyGuru Malaysia· Role focuses on fraud prevention and scaling Verified Badge across agents· Leadership shift aligns with rising online property scams nationwideHis predecessor, Kenneth Soh, will leave the firm at the end of December 2025. Soh's term saw major trust-focused initiatives, including launching the Verified Badge, designed to combat rising property scams.Malaysia faces escalating digital fraud risks, with RM1.919 billion lost across 47,854 online fraud cases as of September 2025, with AI-enabled deepfakes on the rise. Only 2 percent of victims recovered funds in 2024, while 63 percent of users distrust digital platforms. PropertyGuru's Verified Badge and upcoming AI-driven verification tools aim to address real-estate scams, which frequently target high-value property listings.With annual losses nearing RM54.02 billion (3 percent of GDP), the market demands advanced KYC automation, anomaly detection, agent authentication, and faster fraud screening. As PropertyGuru scales its platform across 50,000+ regional agents, Sithasanan is expected to accelerate adoption of AI-powered safeguards.
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