NAVER Pay partners with Jeju, to provide 7.5 billion won in special guarantees across the province

[Financial News] NAVER Pay (Npay) is embarking on a partnership to improve small businesses’ access to financial services in Jeju and expand the foundations for digital growth.
According to industry sources on the 16th, NAVER Pay signed an MOU with Jeju Special Self-Governing Province, Jeju Bank and the Jeju Credit Guarantee Foundation at Jeju Provincial Government Office on the 15th.
The agreement includes a plan for the four organizations to provide a total of 7.5 billion won in “Jeju Small Business Hope ON Special Guarantees” to small businesses and small business owners in the province. NAVER Pay and Jeju Bank will make special contributions totaling 600 million won to the Jeju Credit Guarantee Foundation, which will use the funds to provide credit guarantees.
Jeju Bank will offer loans backed by guarantees to small business owners who use Jeju Bank and Npay Connect, based on guarantee certificates issued by the Jeju Credit Guarantee Foundation. The special guarantee is available for up to 50 million won per business, with a guarantee period of up to six years and a guarantee ratio of 95%.
The plan also includes support for digital transformation, centered on the Npay Connect integrated offline terminal. The aim is to ease the business burden on small businesses and improve their competitiveness through cooperation on building digital payment infrastructure, education and marketing.
The idea is to link financial support with digital transformation, creating a framework that supports small businesses across their operations, from securing funding to attracting customers and increasing sales.
A training program is also in place to introduce the various Npay Connect features that can be used to manage stores, including reviews, coupons and kiosks, as well as ways to use NAVER SmartPlace. The plan also includes helping small businesses in the province take part in major trade fairs such as Seoul Cafe Show, contributing to the development of new sales channels and the expansion of business opportunities.
Park Sang-jin, head of Npay, said, “We focused on helping small businesses in Jeju, which sees a steady flow of tourists, use digital infrastructure to expand their customer reach and improve their competitiveness.” He added, “We will lay the groundwork for small businesses to grow continuously, drawing not only on financial support but also on Npay’s diverse services and technologies, including Connect.”

[email protected] Kim Tae-il Reporter